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Arafura advances Nolans readiness with land agreement, camp acquisition and HRE technology review Proactive uses images sourced from Shutterstock

Arafura Rare Earths Ltd (ASX:ARU, OTC:ARAFF, FRA:REB) has progressed execution readiness for its Nolans rare earths project in the Northern Territory, announcing a land access compensation agreement, acquisition of camp infrastructure and a partnership to review alternative heavy rare earth separation technologies.

The company’s subsidiary, Arafura Nolans Project Pty Ltd, has entered into a compensation deed with ATAYF Pastoralists Pty Ltd, the holder of the pastoral lease covering the Nolans project site. As part of the agreement, ATAYF will receive A$4 million in Arafura shares and will also invest A$1.2 million in cash in the company.

The shares will be issued at A$0.22 per share, representing a 10% discount to the 20-day volume-weighted average price, and will be subject to a 36-month voluntary escrow period.

Infrastructure acquisition and processing review support project readiness

The agreement formalises access and compensation arrangements required under the Northern Territory Minerals Titles Act and establishes a framework for collaboration between Arafura and the pastoral leaseholder. The parties have also identified opportunities for cooperation on renewable power supply, shared infrastructure and services, supporting both the Nolans project and local pastoral operations.

Separately, Arafura has agreed to acquire an existing 200-plus room camp at Nolans from NT Link for A$6.75 million, subject to customary conditions.

The acquisition is expected to enable early mobilisation once a final investment decision is made, allowing construction activities to commence quickly and giving the company greater control over scheduling during the ramp-up phase. Ownership of the camp is also expected to remove long-term rental costs for facilities required to support ongoing operations at the site.

Arafura partners with CleanTeq Water

Arafura has also partnered with Clean TeQ Water Ltd (ASX:CNQ) to review alternative rare earth separation technologies targeting the further processing of heavy rare earths (HRE) to a heavy rare earth oxide product.

The review will focus on ion exchange and separation test work designed to evaluate opportunities to enhance the Nolans flowsheet and potentially support the production of a SEG/HRE oxide product, responding to emerging demand from Europe and the United States for strategically important heavy rare earth elements.

While the technical review may provide opportunities to optimise processing, Arafura said its Phase 1 development strategy for the Nolans project remains unchanged.

The program will run alongside existing metallurgical test work aimed at recovering additional heavy rare earth elements — including dysprosium (Dy) and terbium (Tb) — from acid purification liquor, with the goal of increasing overall production of these strategic materials.

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BHP Group (ASX:BHP) has sold 100% of its San Manuel property in Arizona to Faraday Copper Corp, while retaining a 30% equity stake and related shareholder rights.
The San Manuel sale supports plans to build a copper hub in the US around the project.
BHP has entered a long term silver streaming agreement with Wheaton Precious Metals, linked to silver production from the Antamina mine.
China Mineral Resources Group has placed new restrictions on BHP iron ore cargoes as contract negotiations and disputes continue.

For a miner of BHP’s scale, copper, silver and iron ore sit at the core of its business mix, and these moves touch each of those areas at once. The US copper hub concept and the Antamina silver stream change how ASX:BHP is exposed to future production and price risk across two key metals. At the same time, tighter conditions from China Mineral Resources Group introduce extra uncertainty around its long standing iron ore trade into China.

If you are following ASX:BHP, this cluster of deals and contract tensions is worth tracking together rather than in isolation. The combination of portfolio changes, new streaming income and evolving iron ore terms in China could influence how the company balances cash flow sources, capital allocation and regional exposure over time.

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

ASX:BHP Earnings & Revenue Growth as at Mar 2026

3 things going right for BHP Group that this headline doesn’t cover.

Quick Assessment

⚖️ Price vs Analyst Target: At A$50.10, BHP Group trades about 4% below the A$52.34 analyst price target, which is within the typical 10% band.
❌ Simply Wall St Valuation: Shares are described as trading at roughly 28.2% above estimated fair value, which points to a premium price.
✅ Recent Momentum: The 30 day return of about 2.7% suggests the share price has been edging higher recently.

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

Key Considerations

📊 The San Manuel sale and Antamina silver stream shift some exposure toward US copper and long term silver linked cash flows, while China iron ore restrictions could pull in the opposite direction.
📊 Watch how management describes the US copper hub plans, Antamina throughput, and any updates on contract terms or volumes with China Mineral Resources Group.
⚠️ With one flagged risk around an unstable dividend track record, any pressure on iron ore cash flows from China could matter for investors focused on income.

Dig Deeper

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

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

Companies discussed in this article include BHP.AX.

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VANCOUVER, BC, March 9, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that the Company has entered into purchase agreements to acquire an additional 5% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), which owns the Caserones copper-molybdenum mine ("Caserones'") located in Chile, as well as a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty ("NSR") on Los Helados from JX Advanced Metals Corporation and affiliates (collectively, "JX") for total consideration of US$215 million (collectively, the "Transaction").

Jack Lundin, President and CEO, commented "Securing an additional 5% ownership in Caserones and acquiring 31% of the Los Helados Project marks another significant step in strengthening Lundin Mining's copper-dominant portfolio in the emerging Vicuña District. This investment increases our attributable production profile at an attractive acquisition price and demonstrates our ongoing commitment to disciplined, scalable growth in high-quality assets. Through our consistent strategy, together with our partners in the region, we will continue to enhance operational performance to drive stronger financial returns while advancing growth opportunities to sustain long-term value creation."

Highlights:

Strengthens Lundin Mining's copper production profile: Increases 2026 attributable copper production by 6,500 to 7,000 tonnes. Caserones' production guidance for 2026 is 130,000 ‑ 140,000 tonnes of copper on a 100% basis and annual cash cost1 is forecast to be $2.05/lb – $2.25/lb of copper, after by-product credits.2
The additional Caserones interest will contribute immediate free cash flow: Attractive acquisition price that is accretive to attributable production and financial metrics.
Los Helados will add meaningful copper and gold Mineral Resources to Lundin Mining's metal inventory. Los Helados on a 100% basis contains:
- Indicated Mineral Resources: 8.3 Mt of copper, 10.2 Moz of gold and 97.5 Moz of silver (2.1 billion tonnes at 0.40% copper, 0.15 g/t gold and 1.5 g/t silver).
- Inferred Mineral Resources: 3.7 Mt copper, 3.6 Moz of gold and 50.2 Moz of silver (1.1 billion tonnes at 0.34% copper, 0.10 g/t gold and 1.4 g/t silver).
Provides additional growth optionality: Los Helados is approximately 17 km to the south from Lundin Mining's Caserones mine, located within the emerging Vicuña District. Possible synergies include scenarios to potentially truck or convey mineralization from Los Helados to Caserones, offsetting lower grade material with higher grade mineralization from Los Helados.

________________________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAPP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the reconciliation of Non-GAAP measures section at the end of this news release.

2 Guidance as announced by news release "Lundin Mining Announces 2025 Production Results and 2026 Guidance" dated January 21, 2026.

Caserones Mine

Lundin Mining initially acquired a 51% interest in Caserones in 2023 and subsequently increased its ownership to 70% in 2024. Upon closing of the Transaction, Lundin Mining will increase its ownership interest to 75%. Caserones is in the Atacama Region (Region III) of Chile and is part of the emerging Vicuña copper district. The operation produces copper and molybdenum concentrates from a traditional open pit mine and conventional sulphide flotation plant, as well as copper cathode from a dump leach, solvent extraction and electrowinning plant. In 2025 Caserones produced 132,881 tonnes of copper at a cash cost of $2.17/lb.3

Los Helados Project

Los Helados is a large copper-gold deposit, located in Chile's Atacama Region, approximately 17 kilometres to the south from Lundin Mining's Caserones operation and approximately 10 kilometres to the north of the Vicuña Project. The deposit contains a high-grade breccia core with multiple mineralized zones, including the Condor, Fenix, and Alicanto zones. These zones represent higher-grade structural corridors within the broader mineralized system and provide potential opportunities to optimize mine development. A total of 96,448 metres of drilling has been completed on the project in 110 holes, a Mineral Resource estimate was updated in 2023 and highlighted a significant inventory of contained copper, gold and silver. NGEx Minerals Ltd. holds the remaining 69.1% ownership in the project and is the operator. On an attributable basis Los Helados will increase our measured and indicated copper Mineral Resources by 15% and gold Mineral Resources by 11%.4

________________________________

3 These are non-GAAP measures. Please refer to the Company's discussion of non-GAPP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the reconciliation of Non-GAAP measures section at the end of this news release.

4 Refer to the Lundin Mining news release entitled "Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves" dated February 18, 2026 and the NGEX Metals Ltd. news release entitled "NGEx Announces Updated Mineral Resource Estimate at Los Helados Includng High-Grade Fenix and Alicanto Zones; Indicated Mineral Resources Exceed 2.0 Billion at 0.51% Copper Equivalent" dated December 5, 2023.

Los Helados Mineral Resource Estimate (100% basis)
Grade							Contained Metal
Site	Category	TonnesMt	Cu%	Aug/t	Agg/t	Cukt		AuMoz	AgMoz
Los Helados	Measured	–	–	–	–	–		–	–
	Indicated	2,080	0.40	0.15	1.5	8,360		10.2	97.5
	M&I	2,080	0.40	0.15	1.5	8,360		10.2	97.5
	Inferred	1,080	0.34	0.10	1.5	3,670		3.6	50.2

Mineral Resource Notes:
1.	Mineral Resource estimate prepared in accordance with CIM (2014) definitions.
2.	The Mineral Resource Estimate is reported with an effective date of October 31, 2023.
3.	Mineral Resources are estimated at a cut-off grade of 0.33 g/t CuEq based on an underground block cave mining cost of $8.00/t, a processing cost of $12.00/t, and a general & administrative cost of $1.00/t.
4.	Mineral Resources are estimated using a copper price of $3.90/lb, a gold price of $1,800/oz, and a silver price of $20/oz.
5.	Metallurgical recoveries used for the CuEq calculation correspond to three geometallurgical zones, defined by depth below surface:
	a.	Upper: Cu 83.1%, Au 72.8%, Ag 31.0%
	b.	Intermediate: Cu 90.2%, Au 80.3%, Ag 54.9%
	c.	Deep: Cu 93.1%, Au 82.5%, Ag 70.5%
6.	The formulas used for the CuEq calculation are:
	a.	Upper: CuEq % = Cu % + (0.681008 x Au (g/t)) + (0.002989 x Ag (g/t))
	b.	Intermediate: CuEq % = Cu % + (0.692039 x Au (g/t)) + (0.004877 x Ag (g/t))
	c.	Deep: CuEq % = Cu % + (0.688852 x Au (g/t)) + (0.006068 x Ag (g/t))
7.	Average Bulk density is 2.67 t/m3.
8.	Mineral Resource Estimates are reported within an optimized underground block cave mining shape to demonstrate reasonable prospects for eventual economic extraction (RPEEE). The block cave considered a column size of 20m x 20m x (≥ 80m).
9.	There are 40 Mt of unclassified material excluded from inside the base case block cave shape.
10.	Cut-off grades refer to diluted cut-off grades used to generate the corresponding block cave shapes. For each cut-off grade, the tonnes and grade represent the total Indicated or Inferred material within each of these shapes.
11.	Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
12.	The "Technical Report on the Los Helados and Lunahuasi Projects, Chile and Argentina" dated December 13, 2023 (effective date October 31, 2023), which incorporates the mineral resources statement for Los Helados is available on NGEx Minerals Ltd. website (www.ngexminerals.com) and SEDAR+.
13.	Numbers may not add due to rounding.

Transaction Overview

In connection with the Transaction, LMC Caserones SpA (the "Buyer"), an indirect wholly owned subsidiary of the Company, has entered into two agreements with JX:

Stock purchase agreement ("Stock Purchase Agreement") pursuant to which JX will sell to the Buyer shares of Lumina Copper representing 5% of the issued and outstanding equity interest of Lumina Copper.

Rights purchase agreement ("Rights Purchase Agreement" and together with the Stock Purchase Agreement, the "Purchase Agreements") pursuant to which JX will sell, transfer and assign to the Buyer all of its rights, title and interest in and to, among other things, a 30.9% interest in Los Helados and a 0.62% net smelter royalty on Los Helados.

The aggregate purchase price attributable to the Purchase Agreements is US$215 million payable upon closing of the Transaction and will be funded through the recently expanded revolving credit facility. Closing of the Transaction is cross conditional upon closing each of the Purchase Agreements and subject to customary conditions, including receipt of requisite regulatory approvals, no prohibitive injunctions and execution of ancillary agreements. The Transaction does not require shareholder approval of any of the parties.

The Transaction has been approved by the Board of Directors of both the Company and JX and is expected to close in April 2026.

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 March 9, 2026 at 11:30 PM Pacific Time.

Technical Information

The Qualified Person responsible for the scientific and technical information contained herein and who has reviewed and approved such information in accordance with NI 43-101 is Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the scientific and technical information pertaining to the Los Helados Project by reviewing public disclosure of NGEx Minerals Ltd. pertaining to the project; however, he has not had access to any underlying data or other information beyond what is publicly disclosed by NGEx Minerals Ltd. Mr. Cortés has verified all other scientific and technical information disclosed in this document and no limitations were imposed on his verification process.

Reconciliation of Non-GAAP Measures

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.com.

Cash Cost per Pound can be reconciled to Production costs on the Company's Consolidated Statements of Earnings as follows:

Year ended December 31, 2025
Continuing operations			Caserones
($ millions, unless otherwise noted)			(Cu)
Sales volumes (contained metal):
Tonnes			138,287
Pounds (000s)			304,870

Production costs			854.5
Less: Royalties and other			(52.4)
			802.1
Deduct: By-product credits1			(149.8)
Add: Treatment and refining charges			8.3
Cash cost			660.6
Cash cost per pound ($/lb)			2.17

1	By-product credits are presented net of the associated treatment and refining charges.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects, business strategies and strategic vision and aspirations and their achievement and timing; the completion of the Transaction and timing thereof, the production profile of Caserones and economics resulting therefrom (including cash costs), the Mineral Resource estimate for Los Helados and the parameters and assumptions used to estimate the Mineral Resources; the potential synergies between Caserones and Los Helados; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance; the Company's growth and optimization initiatives, and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

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

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Lundin Mining (LUN.TO) late on Monday said it has agreed to acquire an additional 5% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile, which owns the Caserones copper-molybdenum mine in Chile, as well as a 30.9% stake in the Los Helados project and a 0.62% net smelter return royalty on Los Helados from JX Advanced Metals and affiliates for total consideration of US$215 million.

The deal is expected to increase Lundin's 2026 attributable copper production by 6,500 to 7,000 tonnes. Los Helados is expected to add meaningful copper and gold mineral resources to Lundin's metal inventory.

With Los Helados located about 17 kilometers to the south from Lundin's Caserones mine, the deal provides additional growth optionality such as potential trucking of mineralization from Los Helados to Caserones.

Lundin Mining initially acquired a 51% interest in Caserones in 2023 and increased its ownership to 70% in 2024. At deal closing, Lundin will boost its ownership interest to 75%.

The Caserones operation produces copper and molybdenum concentrates from a traditional open pit mine and conventional sulphide flotation plant, as well as copper cathode from a dump leach, solvent extraction and electrowinning plant.

Los Helados is a large copper-gold deposit in Chile's Atacama region. The deposit contains a high-grade breccia core with multiple mineralized zones, including the Condor, Fenix, and Alicanto zones, providing potential mine development optimization opportunities.

NGEx Minerals (NGEX.TO) holds the remaining 69.1% ownership in the project and is the operator. On an attributable basis, Los Helados will increase Lundin's measured and indicated copper mineral resources by 15% and gold mineral resources by 11%.

The transaction has been approved by the boards of both Lundin and JX and is expected to close in April.

Rio Tinto and BHP face iron ore inventory warning as prices recover from Chinese New Year lows Proactive uses images sourced from Shutterstock

UBS rates all major producers Neutral as Chinese port stockpiles hit their highest level in more than three years

Iron ore prices have recovered to around $105 per tonne after sliding to roughly $96 during the Chinese New Year period, but UBS has flagged a significant supply overhang that could weigh on the majors, including London-listed Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) and BHP Group Ltd (LSE:BHP, ASX:BHP).

Chinese port inventories have climbed to approximately 163 million tonnes, up 19 million tonnes year-on-year and the highest level in more than three years, a build that UBS describes as a key risk to the price recovery.

Rio Tinto, the FTSE 100 mining company, saw its Pilbara earnings before interest, tax, depreciation and amortisation (EBITDA) per tonne improve by $2 in the second half of 2025, recovering from cyclone disruptions earlier in the year, but UBS singled out its cash costs as a vulnerability.

Rio's C1 cash cost of $23.80 per tonne is around $5 per tonne higher than both BHP and Fortescue, which UBS described as a key opportunity for the miner's new management team to address.

BHP, which also has a primary London listing, was identified as the highest-margin producer in the group, with an EBITDA margin of 63% and EBITDA per tonne of $58 in the second half of 2025.

Anglo American's iron ore assets, Kumba Iron Ore in South Africa and Minas Rio in Brazil, delivered stable EBITDA per tonne despite depressed high-grade and lump premiums.

UBS carries 'neutral' ratings on Rio Tinto, BHP, Vale and Fortescue, and a Sell on Kumba Iron Ore, citing spot 2026 free cash flow yields of 10% for Rio, 9% for Vale and 5% for BHP.

China's steel production fell 14% year-on-year in January on official data, though blast furnace utilisation rates remain stable at around 86%.

Southern Copper (SCCO) closed at $196.16 in the latest trading session, marking a +2.9% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.21%. Meanwhile, the Dow experienced a drop of 0.07%, and the technology-dominated Nasdaq saw an increase of 0.01%.

Shares of the miner have depreciated by 8.47% over the course of the past month, underperforming the Basic Materials sector's loss of 2.21%, and the S&P 500's loss of 2.26%.

Analysts and investors alike will be keeping a close eye on the performance of Southern Copper in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $1.88, marking a 57.98% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $3.87 billion, indicating a 23.93% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $6.57 per share and a revenue of $14.56 billion, demonstrating changes of +25.38% and +8.5%, respectively, from the preceding year.

It is also important to note the recent changes to analyst estimates for Southern Copper. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 3.1% rise in the Zacks Consensus EPS estimate. Southern Copper is holding a Zacks Rank of #3 (Hold) right now.

In the context of valuation, Southern Copper is at present trading with a Forward P/E ratio of 29.02. This indicates a premium in contrast to its industry's Forward P/E of 24.22.

One should further note that SCCO currently holds a PEG ratio of 1.97. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Mining – Non Ferrous industry had an average PEG ratio of 1.97 as trading concluded yesterday.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 88, putting it in the top 36% of all 250+ industries.

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

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding 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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An updated edition of the January 15, 2026 article.Nuclear energy is increasingly being recognized as a critical solution to meet the world’s rising demand for clean electricity. As utilities continue transitioning toward low-carbon power sources, nuclear plants stand out for their ability to deliver dependable, carbon-free generation. Unlike solar and wind power, which are weather-dependent, nuclear energy provides consistent, around-the-clock output. The renewed momentum in the sector is reflected in the extension of operating licenses for existing reactors, ongoing development of Small Modular Reactors (SMRs), approvals for the construction of new nuclear facilities, and the restart of previously shut U.S. reactors. Investments from major technology companies to support SMR development further underscore the growing investor interest in nuclear energy stocks.In the United States, new policies aim to expand nuclear capacity from roughly 100 gigawatts (“GW”) in 2024 to about 400 GW by 2050. The nuclear energy sector is gaining momentum as it supports global decarbonization goals. Favorable regulations and ongoing R&D in advanced SMRs are strengthening its outlook. Meanwhile, rising demand for reliable 24/7 clean power from AI data centers, manufacturing reshoring and electric vehicles is creating new growth opportunities. Government initiatives to boost domestic uranium supply are further supporting the sector’s momentum.With this increasing importance, nuclear energy-related stocks, such as Entergy Corporation ETR, Nano Nuclear Energy Inc. NNE and NexGen Energy NXE, 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 the development of large artificial intelligence-powered data centers are increasing the importance of nuclear power plants.Nuclear Energy stocks have huge potential 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 Denison Mines Corp. DNN and BHP Group Limited BHP, as these companies ensure the supply of uranium for the smooth running of nuclear power plants.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.Entergy Corporation’s nuclear energy portfolio supports its long-term growth strategy and transition to cleaner energy. As of Dec. 31. 2025, the company’s major nuclear plants generated around 21% of its total power capacity. Entergy is actively pursuing license extensions and system upgrades at these facilities, targeting an additional 275 MW through uprates. These enhancements not only increase generation but also highlight Entergy’s ongoing commitment to delivering stable, carbon-free baseload electricity. The company has taken initiatives to add 40 MW at its River Bend nuclear plant in Louisiana.Entergy is advancing efforts to explore next-generation nuclear technologies to further lower emissions. The company has secured a permit in Mississippi for a potential new reactor site and is working to engage industrial customers and technology firms, particularly those in the AI and data sectors. These partnerships aim to collaboratively address the financial and regulatory challenges associated with developing next-generation nuclear projects.Entergy’s nuclear expansion is gaining momentum as electricity demand rises from AI-driven industries and large data centers. Supported by strong market demand and a forward-looking strategy, the company’s nuclear initiatives are well-positioned to enhance regional energy reliability and advance broader U.S. decarbonization goals.This Zacks Rank #2 (Buy) company intends to invest $43 billion during the 2026-2029 period to fund the company's generation fleet transition and grid modernization, and expand its zero-carbon generation portfolio.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Nano Nuclear Energy Inc. is a microreactor developer, aiming to become the leading advanced nuclear microreactor developer in North America. The company is advancing KRONOS toward licensing and already has a pipeline of potential commercial customers and strategic partners in the United States and globally for its KRONOS MMRTM system.Uranium plays a vital role in the successful operation of nuclear power plants. The company continues to address the key bottlenecks within the nuclear fuel supply chain and is in discussion with different providers for securing a dependable uranium source for NANO Nuclear Energy’s future fuel requirements.Nano Nuclear Energy has completed the assembly of its proprietary Annular Linear Induction Pump technology prototype and expects to begin commercial sales efforts. The milestone demonstrates the company’s ability to advance its technology from initial design through construction and successful demonstration.This Zacks Rank #2 company has a growing pipeline of opportunities with potential AI data center, industrial and military-related customers for its KRONOS MM system.NexGen Energy is emerging as an important player in the global nuclear fuel supply chain, led by its flagship Rook I uranium project in Canada’s Athabasca Basin. As nuclear power gains renewed importance in the global energy transition, the company is well-positioned to benefit from rising uranium demand. Government support for nuclear generation to meet decarbonization goals and rising electricity consumption creates a favorable environment for uranium developers like NexGen Energy.NexGen Energy reached a key milestone in 2026 after securing final approval from the Canadian Nuclear Safety Commission to begin site preparation and construction of the Rook I project. Once operational around 2030, the project could produce up to 30 million pounds of uranium annually and will be ready to meet the demand from nuclear power plants.Zacks #2 Ranked NexGen Energy’s long-term outlook remains favorable as global interest in nuclear power rises and uranium supply tightens. Increasing electricity demand from AI technologies and large data centers is expected to boost nuclear expansion and uranium consumption. Backed by a high-quality resource base and a clear path to production, the company is well-positioned to become a leading uranium supplier and generate long-term investor value.

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

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Futures tied to Canada's main stock index dipped on Monday as escalating tensions in the Middle East drove up oil prices, amplifying inflation concerns among investors.

The TSX dumped 526.25 points or 1.6%, to end the day and the week at 33,083.72. On the week, the index shed 1,256.27 points, or 3.7%. The benchmark snapped a four-week winning streak.

March futures waned 0.9% Monday.

Geopolitical tensions intensified after Iran appointed Mojtaba Khamenei, son of late Ali Khamenei, as the supreme leader. The move was seen as a sign that hardliners remain firmly entrenched in Tehran's leadership as the conflict with the United States and Israel entered its 10th day, reinforcing fears that the war could drag on.

Brokerage J.P.Morgan downgraded First Quantum Minerals to "underweight" from "overweight" and Lundin Mining Corp to "underweight" from "neutral".

ON BAYSTREET

The TSX Venture Exchange forfeited 3.12 points Friday to 1,057.04, for a loss on the week of 50.6 points, or 4.6%.

ON WALLSTREET

Stock futures plunged to start the week as U.S. oil topped $100 a barrel, raising concern about a stagflationary environment for the U.S. economy of rising inflation and slowing growth. The Dow Jones Industrial Average is coming off its biggest weekly slide in nearly a year.

Futures for the 30-stock index stumbled 595 points, or 1.3%, to 46.922.

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Futures for the S&P 500 index flailed 75.25 points, or 1.1%, to 6,668.50.

Futures for the NASDAQ flopped 286.25 points, or 1.2%. to 24,384. Oil futures jumped after major Middle East producers slashed their output due to the continued closure of the key Strait of Hormuz passageway. Kuwait announced cuts but did not say by how much, while Iraq has reportedly seen its production fall 70%.

Oil prices came off their highest levels of the session and stock futures rose from their lows following a Financial Times report that G7 officials were considering tapping their strategic reserves.

The Dow slid around 3% last week, its worst weekly decline since April. The broad S&P 500 shed 2%, while the NASDAQ ended the week 1.2% lower.

In Japan, the Nikkei 225 dropped 5.2% Monday, while in Hong Kong, the Hang Seng descended 1.4%.

Oil prices vaulted $11.57 to $102.57 U.S. a barrel.

Gold prices slipped $65.20 to $5,097.10 U.S an ounce.

Canada's main stock index hit a more than three-week low in a broad-based selloff on Monday, as risk sentiment took a hit globally after escalating tensions in the Middle East sent crude prices surging, intensifying inflation concerns.

The TSX dumped 322.96 points or 1%, by noon EDT Monday, to 32,760.76.

Iran named Mojtaba Khamenei to succeed his slain father as supreme leader, signaling that hardliners remain firmly in charge and the war, which entered its second week, could last longer than previously expected.

Consumer discretionary shed strength with shares of Burger King-parent Restaurant Brands among the sector's biggest percentage losers, down $2.48, or 2.5%, to $98.09.

Among individual movers, copper miner Lundin Mining lost $1.81, or 5.2%, to $32.92, after J.P. Morgan downgraded its stock to "underweight" from "neutral".

ON BAYSTREET

The TSX Venture Exchange dropped 15.22 points, or 1.4%, to 1,041.82.

All but one of the 12 TSX subgroups were weaker midday, as gold dimmed 2.8%, while materials and consumer discretionary stocks each moved back 2.5%.

Only energy bucked the trend, gaining 1.4%.

ON WALLSTREET

Stocks fell to start the week as U.S. oil topped $100 a barrel, raising concerns about a stagflationary environment for the U.S. economy of rising inflation and slowing growth.

The Dow Jones Industrials came off its lows of the morning, but still lost 414.74 points to 47,086.81. The 30-stock index is coming off its biggest weekly slide in nearly a year.

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The S&P 500 index was off 32.3 points to 6,707.72.

The NASDAQ dipped 24.25 points to 22,090.93.

The broader market was helped off its lows by a rise in semiconductor stocks, however. Broadcom jumped more than 3%, while Micron Technology and Advanced Micro Devices gained almost 2% each. Nvidia climbed more than 1%.

West Texas Intermediate crude broke above $100 per barrel in overnight trading to hit more than $119, its first time above the $100 level since 2022, when investors were reacting to the aftermath of Russia’s invasion of Ukraine. It was last up 6% at around $96 a barrel. International benchmark Brent crude added 7% to $99 a barrel. U.S. oil prices began the year below $60 a barrel.

U.S. President Trump posted Sunday evening that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.

The war showed little signs of easing despite Trump’s claim it was “already won” with Iran naming Ayatollah Khamenei’s son, Mojtaba, as its new supreme leader, according to reports.

Prices for the 10-year Treasury sat back, nudging yields up to 4.13% from Friday’s 4.15%. Treasury prices and yields move in opposite directions.

Oil prices skyrocketed $5.53 to $96.43 U.S. a barrel.

Gold prices slumbered $52.30 to $5,106.40 U.S. an ounce.

Canada's main stock index appeared to do a 180-degree turn by the close Monday, turning a general negative trading session into the green, powered mostly by tech issues.

The TSX recovered 105.6 points to close at 33,189.

Consumer discretionary dropped with shares of Burger King-parent Restaurant Brands was down 94 cents or 2.5%, to $99.63.

Among individual movers, copper miner Lundin Mining regained 54 cents, or 1.6%, to $35.27, after J.P. Morgan downgraded its stock to "underweight" from "neutral".

Elsewhere, Kinaxis led tech stocks higher, $22.94, or 6.8%, to $362.45, while Celestica climbed $24.00, or 7.1%, to $363.51.

In industrials, MDA Inc. gained $1.62, or 4%, to $42.05, while Mullen Group collected 39 cents, or 2.3%, to $17.06.

In consumer staples, Empire Company jumped 95 cents, or 2%, to $49.16, while Loblaw Companies perked 99 cents, or 1.6%, to $63.28.

Health-care issues put a brake on things, though, as Curaleaf docked 17 cents, or 5.3%, to $3.05, while Bausch Health Companies dipped right cents, or 1.1%, to $7.25.

In financials, ONEX Corporation lost $2.29, or 2.2%, to $100.14, while Sun Life ditched $1.76, or 2%, to $86.36.

In consumer discretionary stocks, Magna International fell $1.57, or 2%, to $78.35, while Gildan Activewear slid $1.34, or 1.5%, to $83.57.

ON BAYSTREET

The TSX Venture Exchange gained 6.39 points to 1,063.43.

Eight of the 12 TSX subgroups were higher by the close, with information technology sailing 2.2%, industrials better by 0.7%, and consumer staples improving 0.6%.

The four laggards were weighed most by health-care, financials and consumer discretionary stocks, each down 0.6%.

ON WALLSTREET

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The S&P 500 made a comeback from earlier losses on Monday after President Donald Trump said the war with Iran could be reaching its end.

The Dow Jones Industrials surged 239.25 points to 47,740.80. The 30-stock index is coming off its biggest weekly slide in nearly a year.

The S&P 500 index recovered 55.97 points to 6,795.99.

The NASDAQ vaulted 308.27 points, or 1.4%, to 22,695.95.

Those moves mark an impressive turnaround from the losses seen earlier in the day.

On Monday, Trump told a CBS News reporter, who shared the comments in a post on X, that “the war is very complete, pretty much.”

“They have no navy, no communications, they’ve got no Air Force,” the president said, adding that the U.S. is “very far” ahead of his initially stated timeframe for the war of four to five weeks.

Trump also said that ships are now passing through the Strait of Hormuz and that he is “thinking about taking it over.”

The broader market was also helped by a rise in semiconductor stocks. Broadcom advanced more than 4%, while Micron Technology and Advanced Micro Devices increased 5% each. Nvidia climbed more than 2%.

Prices for the 10-year Treasury sat back, nudging yields up to 4.11% from Friday’s 4.15%. Treasury prices and yields move in opposite directions.

Oil prices eased $2.54 to $88.36 U.S. a barrel.

Gold prices slumbered $7.70 to $5,151 U.S. an ounce.

The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has BHP (BHP) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.

BHP is one of 255 individual stocks in the Basic Materials sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. BHP is currently sporting a Zacks Rank of #1 (Strong Buy).

Within the past quarter, the Zacks Consensus Estimate for BHP's full-year earnings has moved 10% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the most recent data, BHP has returned 19% so far this year. In comparison, Basic Materials companies have returned an average of 16%. This shows that BHP is outperforming its peers so far this year.

Another stock in the Basic Materials sector, Buenaventura (BVN), has outperformed the sector so far this year. The stock's year-to-date return is 33.1%.

The consensus estimate for Buenaventura's current year EPS has increased 52.6% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, BHP belongs to the Mining – Miscellaneous industry, a group that includes 73 individual stocks and currently sits at #48 in the Zacks Industry Rank. On average, stocks in this group have gained 17.6% this year, meaning that BHP is performing better in terms of year-to-date returns.

On the other hand, Buenaventura belongs to the Mining – Silver industry. This 9-stock industry is currently ranked #14. The industry has moved +21.7% year to date.

Investors interested in the Basic Materials sector may want to keep a close eye on BHP and Buenaventura as they attempt to continue their solid performance.

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Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report

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

Zacks Investment Research

Wheaton Precious Metals Corp. (NYSE:WPM) is one of the 13 Most Profitable Growth Stocks to Buy Right Now. Lawson Winder from Bank of America reiterated a Buy rating on Wheaton Precious Metals Corp. (NYSE:WPM) on February 26. The firm also raised its price target on the stock from $160 to $188. The firm has updated its 2026 forecasts for metal prices. Following that revision, it is adjusting its price targets for North American Metals & Mining companies under its coverage, according to the analyst.

Earlier, on February 16, Wheaton Precious Metals Corp. (NYSE:WPM) had signed a long-term silver streaming deal with BHP. The agreement includes an upfront payment of US$4.3 billion at closing. The company will also pay 20% of the spot silver price for all delivered ounces.

Under the deal, Wheaton Precious Metals Corp. (NYSE:WPM) will receive silver from BHP’s 33.75% stake in Peru’s Antamina mine. After closing, the company’s share of silver production at Antamina will rise to 67.5%, up from 33.75% under its existing stream with Glencore.

Wheaton Precious Metals Corp. (NYSE:WPM) CEO Randy Smallwood commented:

Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver’s safe haven qualities in today’s economic environment.

A photo of Vizsla Silver's mining site. Photo from Vizsla Silver website

Wheaton Precious Metals Corp. (NYSE:WPM) operates as a seller of precious metals across Europe, South America, North America, and Africa. It mainly produces and sells silver, gold, Platinum, palladium, and cobalt deposits. The company was incorporated in 2004 and is based in Vancouver, Canada.

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

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BHP Group now carries an updated fair value estimate of A$51.98, compared with A$51.72 previously, refining how analysts are recalibrating their price targets. Across London, Australia and the U.S., recent target moves in US$ and GBp, along with mixed Buy to Sell ratings, underpin this shift as firms respond to revised views on revenue, margins and the broader commodity environment. As you read on, you will see how to track these changing calls and what they might suggest for your own view on BHP.

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

What Wall Street Has Been Saying 🐂 Bullish Takeaways

Argus lifted its BHP Group target to US$90 from US$68 while keeping a Buy rating, pointing to what it views as supportive long term fundamentals and potential benefits from global economic growth.
Argus also highlights that pressure on some commodities has weighed on earnings power and dividends, but it sees conditions improving as the Chinese economy stabilizes, which it views as a positive setup for BHP.
Citi raised its BHP target to 2,800 GBp from 2,600 GBp and maintains a Neutral stance, which still reflects a higher valuation anchor for the shares in its model.
Barclays moved its target up to 2,770 GBp from 2,500 GBp and keeps an Equal Weight rating, signalling that its updated work supports a higher fair value range even without a positive rating tilt.

🐻 Bearish Takeaways

Berenberg increased its target to 2,600 GBp from 2,300 GBp but reiterates a Sell rating, suggesting concern that, in its view, the market price already embeds generous expectations relative to its assessment of BHP’s revenue, margins and commodity exposure.

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

ASX:BHP 1-Year Stock Price Chart

We've flagged 1 risk for BHP Group. See which could impact your investment.

What's in the News

BHP is reported to be waiting on the outcome of Rio Tinto's talks to acquire Glencore and is not currently planning a rival bid for the Swiss group, according to people familiar with the discussions.
Reporting on Rio Tinto's interest in Glencore suggests the potential transaction is putting BHP under pressure to respond, given the possible scale of the deal and its relevance to global mining peers.
BHP updated its fiscal 2026 production guidance, with copper guided to 1,900 kt to 2,000 kt, iron ore to 258 Mt to 269 Mt, steelmaking coal to 36 Mt to 40 Mt, and energy coal to 14 Mt to 16 Mt.
The company completed a review of the Jansen Stage 1 potash project, confirming a revised total investment estimate of US$8.4b, an expected production rate of about 4.15 Mtpa, and first production targeted for mid calendar 2027.

How This Changes the Fair Value For BHP Group

Fair value estimate set at A$51.98, compared with A$51.72 previously.
Revenue growth assumption at 74.09%, compared with 41.15% previously.
Net profit margin assumption at 24.60%, compared with 24.09% previously.
Future P/E multiple at 17.44x, compared with 17.82x previously.
Discount rate used at 8.33%, compared with 8.23% previously.

Never Miss an Update: Follow The Narrative

Narratives link a company’s real world story to a financial forecast and fair value, updating as new data, guidance and risks come through. They help you see how project plans, commodity trends and balance sheet choices fit together in one clear view.

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

How copper and potash projects are tied to decarbonization and electrification demand, and what that could mean for future revenues and margins.
The role of long life, low cost assets, cost leadership and capital discipline in supporting earnings resilience and shareholder returns.
Key risks around iron ore concentration, project execution at Jansen, regulatory and water constraints, inflationary cost pressure and rising ESG obligations.

Companies discussed in this article include BHP.AX.

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

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What BHP Group’s recent performance means for investors

BHP Group (ASX:BHP) has recently shown mixed share price moves, with a 4.2% decline over the past day and a 9.6% decline over the past week, while month and past 3 months returns remain positive.

See our latest analysis for BHP Group.

Despite the recent share price pressure, including a 4.2% one day decline and 9.6% seven day share price decline, BHP Group’s A$52.81 share price still sits on the back of a 41.1% one year total shareholder return and a 74.2% five year total shareholder return. That mix points to strong long term wealth creation, while short term momentum has cooled.

If you are reassessing your resources exposure after BHP’s recent moves, it could be a good moment to look at other miners via our 8 top copper producer stocks screener and see what else stands out.

With BHP trading around A$52.81, close to the average analyst price target of A$51.98 and with an intrinsic value estimate pointing to a premium, you have to ask yourself: is there still a buying opportunity here, or is the market already pricing in future growth?

Most Popular Narrative: 4.8% Undervalued

At A$52.81, BHP Group is trading a little below the A$55.50 fair value implied in the most followed narrative, according to Bailey. This framing views today’s pullback as part of a longer term copper and potash story.

Jansen Potash Diversification & Stage 2 Approval: Despite short-term timeline shifts, the Board’s approval of Jansen Stage 2 cements BHP’s commitment to becoming a global potash major. Once fully operational, the Jansen project is expected to deliver approximately 8.5 million tonnes per annum (Mtpa), creating a massive new revenue stream uncorrelated with Chinese industrial demand or iron ore cycles, thereby stabilizing long-term cash flows.

Read the complete narrative.

Curious how a copper heavy portfolio, a long dated potash build out and disciplined capital allocation all feed into that fair value number? The full narrative lays out the revenue mix shift, margin assumptions and required returns that sit underneath Bailey’s A$55.50 figure, and how those inputs attempt to balance BHP’s traditional iron ore cash engine with its future facing assets.

Result: Fair Value of A$55.50 (UNDERVALUED)

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

However, you still have to weigh risks such as a structural slump in Chinese steel demand or cost blowouts at Jansen that could undercut the copper and potash story.

Find out about the key risks to this BHP Group narrative.

Another angle on BHP’s valuation

Bailey’s A$55.50 fair value hangs on a narrative view, but our DCF model paints a much tougher picture. It puts BHP closer to A$38.98, which screens as overvalued relative to its current A$52.81 share price. Which framework do you trust more for a long term call?

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

BHP Discounted Cash Flow as at Mar 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out BHP Group for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 7 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Next Steps

After weighing up both the upbeat and cautious parts of this story, it makes sense to move quickly, review the numbers for yourself and see how our read on 3 key rewards and 1 important warning sign lines up with your own.

Looking for more investment ideas?

If BHP has you rethinking where your next dollar goes, do not stop here. Line up a few fresh ideas and compare them side by side.

Target potential value opportunities by scanning companies our screener flags as 7 high quality undervalued stocks that pair quality fundamentals with prices that may not fully reflect them.
Secure your income focus by checking out 7 dividend fortresses, a set of companies offering 5%+ yields where stability sits alongside regular payouts.
Reduce stress in your portfolio and concentrate on resilience with 8 resilient stocks with low risk scores, a collection of businesses that score well on our risk checks.

Companies discussed in this article include BHP.AX.

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

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

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

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

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

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

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

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

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

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

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

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

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

NYSE:SCCO 1-Year Stock Price Chart

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

Quick Assessment

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

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

Key Considerations

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

Dig Deeper

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

Companies discussed in this article include SCCO.

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

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

Freeport’s 3-month Price Performance

Image Source: Zacks Investment Research

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

FCX Stock Trades Above 50-Day SMA

Image Source: Zacks Investment Research

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

Freeport’s Expansion Actions to Power Future Output

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

FCX’s Solid Balance Sheet & Capital Discipline Aid Growth

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

Favorable Copper Prices Augur Well for Freeport

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

Higher Unit Costs Weigh on FCX’s Margins

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

Lower Expected Volumes Dampen FCX’s Prospects

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

FCX’s Earnings Estimates Northbound

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

Image Source: Zacks Investment Research

A Look at FCX’s Valuation

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

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

Image Source: Zacks Investment Research

Final Thoughts: Hold Onto FCX Shares

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

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

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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/Not for distribution to United States Newswire Services or for dissemination in the United States/

OTTAWA, ON, March 5, 2026 /CNW/ – Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce that the $1,000,000 aggregate gross proceeds (the "Escrow Funds") from the previously announced (see press releases dated December 8 and December 30, 2025) strategic non-brokered private placement of 16,666,667 subscription receipts ("Subscription Receipts") with Labrador Gold Corp. (TSXV: LAB) ("LabGold") has been released to the Company following satisfaction of the Escrow Release Conditions.

The Offering

The Escrow Funds were held in escrow pursuant to the terms of a subscription receipt escrow agreement between the Company and LabGold, and the release was conditional upon, among other things, receipt of LabGold shareholder and regulatory approval with respect to LabGold's change of business (the "Escrow Release Conditions").

Each Subscription Receipt has been exchanged, without any further action or any additional consideration on the part of LabGold, for one (1) unit of the Company (a "Unit") with each Unit consisting of one (1) common share of Northern Shield (a "Common Share") and one (1) common share purchase warrant (each a "Warrant"). Each Warrant entitles LabGold to purchase one additional Common Share (a "Warrant Share") at a price of $0.10 per Warrant Share until March 5, 2029.

As additional consideration for LabGold in respect of the Offering, for as long as LabGold retains a 10% equity interest in the Company, LabGold shall have the following rights: (i) a pre-emptive right to participate in future financings of Northern Shield to maintain its equity interest in the Company following the issuance of the Units to LabGold; and (ii) the right to appoint a technical advisor to help guide exploration activities carried out on the Company's properties.

Northern Shield intends to use the Escrow Funds for further exploration programs, including geophysics and diamond drilling, at the Company's Root & Cellar Property, exploration on the Company's newly acquired claims in the region and for general working capital purposes. The Common Shares and issued upon exchange of the Subscription Receipts (and the underlying Warrant Shares upon exercise of the Warrants) are subject to a statutory hold period and a voluntary "lock-up" ending July 5, 2026, and the resale rules of applicable securities legislation.

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

About Northern Shield Resources

Northern Shield Resources Inc. is a Canadian-based company known as a leader in generating high-quality exploration targets that views greenfield exploration as an opportunity to find a Tier 1 asset, near surface, and at relatively low cost. We implement a model driven exploration approach to reduce the risk associated with early-stage projects for ourselves, our shareholders, and the environment. This approach led us to option the Root & Cellar Property from a Newfoundland prospector, who discovered the mineralization, and then its advancement to a large gold-silver-tellurium and copper porphyry system.

Forward-Looking Information

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's assessment of the Company's plans and operations relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions, although not all forward-looking information contains these identifying words.

More particularly and without limitation, the forward–looking information in this news release includes (i) expectations regarding the Company's financing plans; (ii) expectations concerning the Company's plans and objectives in respect of the Offering's gross proceeds; (iii) expectations regarding satisfaction of the Escrow Release Conditions; and (iv) expectations concerning the Company's business plans and operations. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect and are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.

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

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/05/c4804.html

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

Performance of RIO's Peers

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

RIO's Price Performance, Valuation and Estimates

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

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

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

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

The Zacks Rundown for FCX

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

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

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

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Siemens (XTRA:SIE) agreed to support Rock Tech Lithium in developing lithium conversion capacity in Canada, using Siemens’ digitalization technologies.
The company also introduced the Questa One Agentic Toolkit, an AI powered platform for integrated circuit design and verification.
Both announcements highlight Siemens’ activity across clean energy supply chains and advanced electronic design automation.

For you as an investor, these updates sit at the intersection of industrial software, energy transition and semiconductor design tools, which are all key focus areas for Siemens. The Rock Tech Lithium partnership connects Siemens’ automation and digitalization offerings directly to critical minerals processing in North America, while the Questa One Agentic Toolkit links its software portfolio to AI supported chip design workflows.

You may want to watch how these initiatives relate to new project wins, longer software contracts and deeper relationships with customers in mining, energy storage and semiconductor design. The scale and pace of adoption around both the Canadian lithium project and the Questa toolkit could help you gauge how Siemens positions its mix of industrial hardware and software in these sectors.

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

XTRA:SIE Earnings & Revenue Growth as at Mar 2026

📰 Beyond the headline: 1 risk and 5 things going right for Siemens that every investor should see.

Quick Assessment

✅ Price vs Analyst Target: At €226.45 vs a €273.55 analyst target, the price sits about 21% below consensus.
✅ Simply Wall St Valuation: Simply Wall St currently assesses Siemens as trading 27.8% below its estimated fair value.
❌ Recent Momentum: The 30 day return of 11.65% suggests recent negative price momentum.

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

Key Considerations

📊 The Rock Tech Lithium partnership and Questa One Agentic Toolkit both link Siemens more closely to clean energy supply chains and AI supported chip design tools.
📊 You may want to track how much revenue and backlog Siemens attributes to mining, energy storage and electronic design automation contracts connected to these offerings.
⚠️ The company is flagged as having a high level of debt, so you might watch how much capital these projects require versus cash generation.

Dig Deeper

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

Companies discussed in this article include SIE.DE.

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

FEATURE

Dr. Copper has a bit of a cold.

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

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

Mining stocks have been even more volatile, with the

and

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

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

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

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

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

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

Bank of America

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

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

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

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

Freeport-McMoRan

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

Lundin Mining
Ivanhoe Mines

and

HudBay Minerals

as buys.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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The latest analyst update on Impala Platinum Holdings lifts the fair value price target from ZAR227.02 to ZAR372.02, a sizeable reset in how the shares are being valued. Bulls see this new range as better aligned with recent upgrades and a stronger read of the company’s earnings outlook, while bears argue it bakes in assumptions that could be hard to deliver. As you read on, you will see how these shifting targets shape the evolving story and what to watch as new information comes through.

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

What Wall Street Has Been Saying 🐂 Bullish Takeaways

HSBC has turned more positive on Impala Platinum Holdings, with an upgrade that aligns with the higher fair value range around ZAR372.02. This suggests analysts there see the reset as better reflecting the company’s earnings potential.
Morgan Stanley has also upgraded the shares, which supports the idea that multiple firms are reassessing valuation and risk pricing in a way that is more supportive of the current investment case.
Both HSBC and Morgan Stanley appear to be responding to an earnings outlook that they view as stronger than previously captured in their models. This feeds directly into higher price targets and more constructive recommendations.

🐻 Bearish Takeaways

Even with these upgrades, some investors may worry that the higher fair value near ZAR372.02 builds in execution assumptions on costs and production that could be tough to meet if conditions turn less favourable.
The cluster of positive research from HSBC and Morgan Stanley can also raise questions about how much of the improved outlook is already reflected in the share price. This may leave less room for error if sentiment cools.

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

JSE:IMP 1-Year Stock Price Chart

We've flagged 1 risk for Impala Platinum Holdings. See which could impact your investment.

What's in the News

Impala Platinum Holdings issued earnings guidance for the six months ended 31 December 2025, with headline earnings and HEPS expected to rise by between 392% and 411%.
The company also guided basic earnings and EPS higher, indicating an expected rise of between 387% and 407% for the same six month period.
Headline and basic earnings are guided to be between ZAR 9.10b and ZAR 9.45b for the six months ended 31 December 2025.
Impala Platinum Holdings reported 6E group production of 1,798,000 oz for the six months ended 31 December 2025, compared with 1,784,000 oz a year earlier.

How This Changes the Fair Value For Impala Platinum Holdings

Fair value moves from ZAR227.02 to ZAR372.02 in the latest update.
The revenue growth assumption is set at 20.46%, compared with 14.62% previously.
The net profit margin assumption is now 24.77%, up from 15.22%.
The future P/E is adjusted from 17.46x to 14.96x.
The discount rate used in the model changes from 18.84% to 18.41%.

Never Miss an Update: Follow The Narrative

Narratives link a company’s real world story to a financial forecast and fair value so you can see how new information filters into the bigger picture. They refresh as guidance, assumptions, and risks change over time.

Head over to the Simply Wall St Community and follow the Narrative on Impala Platinum Holdings to stay up to date on:

How electric vehicles, recycling and substitution could affect long term platinum group metal demand and future revenue growth.
What higher cost inflation, capital spending needs and region specific risks in South Africa and Zimbabwe might mean for margins and earnings resilience.
Why project completion, diversification across South Africa, Zimbabwe and Canada, ESG progress and excess inventory management are central to the company’s ability to manage future risks.

Companies discussed in this article include IMP.jse.

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

VANCOUVER, BC / ACCESS Newswire / March 3, 2026 / Stillwater Critical Minerals Corp. (TSX.V:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company", or "Stillwater") reports a second tranche of results from its 2025 resource expansion drill campaign at the Company's 100%-owned Stillwater West project in Montana, USA.

This release presents results from the Chrome Mountain deposit area and the HGR deposit at Iron Mountain where drilling intersected sulphide-rich polymetallic nickel-copper-cobalt-platinum-palladium-gold ("Ni-Cu-Co-PGE-Au") mineralization that extends beyond the limits of the January 2023 Mineral Resource Estimate (the "2023 MRE").

Stillwater West is one of the few U.S. critical minerals projects with a significant nickel and platinum group element ("PGE") resource and is located immediately adjacent to Sibanye-Stillwater's Stillwater mines, the only primary PGE producer in the United States.

Highlights

The 2025 drill program was designed to expand the January 2023 MRE along a 10-kilometer ("km") mineralized trend at Stillwater West, where a broad zone of sulphide-rich nickel, copper, cobalt, PGE, gold and chromium mineralization has been defined across multiple deposits.
Four holes were completed in the Chrome Mountain resource area and two holes with a second drill rig about seven km east in the HGR resource area at Iron Mountain (Figures 4 and 5).
Chrome Mountain results returned wide intersections rich in palladium, platinum and gold within magmatic nickel and copper sulphide mineralization. As detailed in Table 1, broad, continuous bulk-tonnage intercepts contain internal higher-grade zones, demonstrating continuity across a thick mineralized package confirming significant opportunity for continued resource expansion beyond the 2023 MRE boundaries:
- CM2025-01:
  - Bulk tonnage zones including 204.1 meters ("m") @ 0.22% Recovered Nickel Equivalent ("NiEq") from 277.4 m (see Table 1 for full metal grades);
  - Mid-grade zones including 40.8 m @ 0.44% NiEq from 329.2 m; and
  - Higher-grade zones including 4.9 m @ 0.77% NiEq from 354.2 m.
  - These intercepts include:
    - 40.8 m @ 1.03 g/t 3E (Pt+Pd+Au) starting at 329.2 m;
    - 4.7 m @ 0.46% Ni, 0.48% Cu, 0.05% Co and 0.25 g/t 3E from 116.6 m;
    - 4.9 m @ 0.48 g/t Pt and 1.34 g/t Pd from 354.2 m; and
    - 1.2 m @ 0.59 g/t Pt and 2.44 g/t Pd starting at 387.7 m.
- CM2025-02:
  - Bulk tonnage zones including 172.5 m @ 0.21% NiEq from surface and 176.8 m @ 0.20% NiEq from 282.2 m (see Table 1); and
  - Mid-grade zones including 29.3 m @ 0.40% NiEq from 29.3 m;
  - These intercepts include 3.7 m @ 1.37 g/t 3E with 0.98 g/t Pd starting at 383.4 m.
- CM2025-03:
  - Bulk tonnage zones including: 219.5 m @ 0.20% NiEq from 61.0 m (see Table 1); and
  - Mid-grade zones including 13.4 m @ 0.45% NiEq from 98.8 m.
- CM2025-04:
  - Bulk tonnage and mid-grade zones including 4.9 m @ 0.53% NiEq from 39.0 m.
- IM2025-01:
  - Bulk tonnage zones including 195.1 m @ 0.22% NiEq from 225.6 m;
  - Mid-grade zones including 21.9 m @ 0.47% NiEq from 397.5 m; and
  - Higher-grade zone: 3.7 m @ 0.75% NiEq from 412.1 m.
  - These intercepts include 2.4 m @ 1.56 g/t 3E with 0.41 g/t Pt and 1.07 g/t Pd starting at 270.7 m and 13.4 m @ 0.37% Ni and 0.18% Cu from 402.3 m.
- IM2025-02:
  - Higher-grade zone: 4.3 m @ 1.36% NiEq from 487.7 m, including 3.0 m @3.71 g/t 3E as 0.34 g/t Pt, 0.50 g/t Pd and 2.87 g/t Au.
Chrome Mountain results extend known mineralization eastward toward historic drill holes, confirming strike continuity of the shallow-dipping conductive sulphide target and highlighting potential for continued resource expansion for approximately 325 meters east of the current resource area (Figure 8).
Iron Mountain results extend known mineralization approximately 50 meters in both east and west directions from past drilling within the HGR resource (Figure 11).
Assays for rhodium and other co-products are pending from all eight holes from the 2025 program.
Stillwater is funded and permitted and is finalizing 2026 drill plans focused on resource growth and step-out testing of conductive sulphide targets.
Drill core will be on display at core shack 3116B on March 3rd and 4th, 2026, at PDAC.
Project Geophysicist Justin Modroo will be presenting Stillwater West airborne EM survey results in a technical session on March 4th at PDAC.

"These results confirm the extension of sulphide-rich polymetallic mineralization beyond the current Chrome Mountain and HGR resource boundaries," said Michael Rowley, President and CEO. "The consistent platinum and palladium enrichment within the broader nickel-copper sulphide system continues to demonstrate the strength of the project's multi-metal profile as we advance toward an updated Mineral Resource Estimate in the first half of 2026. Assays for rhodium remain pending and will be reported as received."

Dr. Danie Grobler, Vice-President Exploration, commented "Platinum is an order of magnitude scarcer than gold, while there are very few PGE bulk tonnage near-surface deposits remaining in the world. Chrome Mountain continues to deliver wide intervals of Platreef-style mineralization enriched in platinum and palladium associated with magmatic nickel-copper sulphide mineralized zones. The 2025 drilling at HGR intersected a similar style and thickness of mineralization. We are now working with Glencore and Expert Geophysics to refine 2026 drill targets with a focus on expansion of shallow resources in the Chrome and Iron Mountain areas. Within the 20 km detailed in the model of the main claim block, drilling has now defined mineralization along a total strike length of 3.3 km within the five resource areas, indicating significant opportunity for continued near-surface resource growth."

Table 1 – Highlight 2025 drill results from the Chrome Mountain and Iron Mountain HGR deposit area

Notes: 1) Highlighted significant intercepts with grade-thickness values over 7 percent-meter recovered NiEq are presented above, except as noted. 2) Recovered Nickel Equivalents ("NiEq") are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.50/lb copper (Cu), $15.00/lb cobalt (Co), $1,250/oz platinum (Pt), $1,250/oz palladium (Pd), $3,000/oz gold (Au), and $6,500/oz rhodium (Rh). 3) NiEq is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. 4) In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t. 5) The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations. 6) Total metal equivalent values include both base and precious metals. In terms of dollar value, 0.20% nickel equates to a copper value of 0.36%, or a palladium value of 0.88 g/t, using the above metal values. 7) Intervals are reported as drilled widths and are believed to be representative of the actual width of mineralization.

Table 2 – Drill Hole Location and Depths

2025 Drill Program Overview

As shown in Figures 4 and 5, the 2025 exploration drilling program consisted of eight drill holes totaling 3,471 meters, focused on expanding mineralization at existing resources including:

Chrome Mountain – four holes in the DR/Hybrid deposit area to test the eastern extension of the resource area; and
Iron Mountain – two holes in the CZ deposit area and two holes in the HGR deposit area to expand the resource areas.

Figure 1 – Core from Chrome Mountain drill hole CM2025-02 showing near-surface net-textured to semi-massive mineralization associated with B-chromitite from around 30m to 51m.

Figure 2 – Core from Iron Mountain drill hole IM2025-01 showing net-textured to semi-massive mineralization at around 400m depth.

Figure 3 – Net-textured to semi-massive mineralization in core from Iron Mountain drill hole IM2025-01 displaying sulphide liquid percolation textures at around 417m depth.

Additional Results from 2025 Drilling and Next Steps

The 3,471 meters completed in 2025, together with 2,310 meters drilled in 2023 and select historic holes, are being incorporated into an updated Mineral Resource Estimate targeted for the first half of 2026.

Upcoming Events

Company representatives will attend PDAC 2026 in Toronto, where drill core from the CZ, HGR and Chrome Mountain programs will be available for viewing at the Core Shack. In addition, the Company will attend the following upcoming events:

PDAC 2026 – Toronto, Canada, March 1-4, 2026. For information, click here.

SMI Conference – Zurich, Switzerland, March 18-19, 2026. For information, click here.

SAFE Summit 2026 – Washington, D.C., USA, April 27-28, 2026. For information, click here.

Top Shelf Partners – Washington, D.C., USA, May 17-19, 2026. For information, click here.

Top Shelf Partners – Ft. Lauderdale, Florida, USA, May 20-22, 2026. For information, click here.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF | FSE: J0G) is a mineral exploration and development company advancing its 100%-owned Stillwater West Ni-PGE-Cu-Co + Au project in the Stillwater mining district of Montana, USA. Stillwater West is directly adjacent to Sibanye-Stillwater's operating Stillwater mines and processing infrastructure, the only primary PGE-producing complex in the United States. An NI 43-101 mineral resource estimate released in January 2023 positions Stillwater West as one of the few significant U.S.-based nickel + PGE resources and includes ten minerals currently listed as critical in the United States. With strategic investments by Glencore and an experienced technical team with Bushveld and Platreef-style expertise, the Company is well positioned to advance the project toward the next phase of technical studies and resource growth drilling.

Stillwater also holds a 49% interest in the high-grade Drayton-Black Lake-gold project adjacent to Nexgold Mining's development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory. The Company also holds the Duke Island Cu-Ni-PGE property in Alaska and maintains a back-in right on the high-grade past-producing Yankee-Dundee in BC, following its sale in 2013.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical MineralsEmail: info@criticalminerals.com Phone: (604) 357 4790Web: http://criticalminerals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

2025 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.

Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release. Mr. Ostenson is a Geologist at Stillwater and is not independent of the Company.

Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements" or "forward-looking information". In particular, this press release contains forward-looking information relating to, among other things, the interpretation of exploration results, the potential for resource expansion, the timing and results of future resource estimates (including the targeted H1 2026 updated MRE), the timing and success of exploration activities, permitting timelines, and future plans and objectives of the Company. All statements in this release, other than statements of historical facts, are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedarplus.ca.

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

A consolidated PDF containing the figures referenced below is available at the following link.

SOURCE: Stillwater Critical Minerals Corp.

View the original press release on ACCESS Newswire

BERLIN, March 3 – Germany and Quebec strengthened their critical minerals partnership on Tuesday, signing ‌a joint declaration and four corporate agreements at ‌the Prospectors & Developers Association of Canada (PDAC) mining conference in Toronto.

The deals, announced by Germany's economy ministry, aim to bolster supply chains for materials key to industries such as electric vehicles, defense and renewable energy. Quebec, a leading ‌mining hub in Canada, ⁠is viewed as an important supplier of lithium, graphite, nickel and rare earth elements.

Here ⁠are some details from the statement:• The joint declaration on critical minerals was signed at the Prospectors & Developers Association of Canada mining conference in Toronto, the economy ‌ministry said in the statement.• The ministry said the agreements aim to strengthen supply chains for materials vital to electric vehicles, defence and renewable energy industries.• Rock Tech Lithium and Siemens Canada signed a memorandum ‌of understanding.• Scandium Canada and Granges Powder Metallurgy agreed on a technology collaboration.• Destiny Copper and thyssenkrupp Marine Systems concluded ‌a memorandum of understanding.• Metalshub and Northern Graphite established a partnership on raw materials trading.• The ministry said the agreements mark "a strong and tangible signal" that ‌the partnership is progressing and that they provide concrete projects and binding commitments.

(Reporting by Kirsti Knolle, Editing by Friederike Heine)

FEATURE

Freeport McMoRan

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

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

and

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

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

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

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

Southern Copper

stock dropped 5.8%. Shares of gold miner

Newmont

lost 7.8%.

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

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

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

Stockpiling means extra demand.

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

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

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

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

Southern Copper Investment Narrative Recap

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

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

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

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

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

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

Exploring Other PerspectivesSCCO 1-Year Stock Price Chart

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

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

Decide For Yourself

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

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

Curious About Other Options?

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Capitalize on the AI infrastructure supercycle with our selection of the 34 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow.
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Companies discussed in this article include SCCO.

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Siemens (XTRA:SIE) has launched the Questa One Agentic Toolkit, adding agentic AI workflows to its integrated circuit design verification software.
The company has also signed a partnership with Rock Tech Lithium to support development of advanced lithium conversion capacity in Canada.
These moves link Siemens more closely to both semiconductor productivity tools and critical minerals processing for batteries and electric vehicles.

Siemens enters these announcements with its share price at €238.2 and a 1 year return of 7.7%, while the 3 year and 5 year returns stand at 73.5% and 101.5% respectively. For investors tracking XTRA:SIE, the mix of digital tools for chip design and exposure to battery supply chains adds further detail to the company’s broad industrial and technology profile.

Looking ahead, readers may want to watch how quickly the agentic AI toolkit gains adoption among chip design teams and how project milestones progress on the Canadian lithium conversion initiative. Together, these developments may influence how Siemens is viewed in relation to semiconductor workflows and critical materials infrastructure over time.

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

XTRA:SIE Earnings & Revenue Growth as at Mar 2026

4 things going right for Siemens that this headline doesn't cover.

For Siemens, this news sits at the intersection of chip design productivity and energy transition infrastructure. The Questa One Agentic Toolkit targets a real pain point in semiconductor verification, where complexity in 3D chips and chiplet architectures is increasing workloads for engineers. By embedding agent-like AI into its existing verification suite and keeping it compatible with widely used coding assistants, Siemens is positioning its tools as a potential productivity layer in workflows that also feature competitors such as Synopsys and Cadence. On the lithium side, the cooperation with Rock Tech Lithium in Canada gives Siemens a role in digitalizing a planned conversion facility that is tied to G7 critical minerals priorities. That supports Siemens' broader push into decarbonization projects and industrial digital twins. For you as an investor, these moves add more detail to how Siemens is trying to stay relevant in semiconductor design flows while also linking its software and automation stack to battery supply chains, without changing the overall profile of a diversified industrial and technology group.

How This Fits Into The Siemens Narrative

The AI-powered verification toolkit aligns with the narrative focus on industrial AI and software-defined automation as drivers of higher margin digital revenues.
Execution risk around complex software rollouts and customer adoption in chip design, an area with strong incumbents, could challenge the expectation of smooth earnings delivery from digital offerings.
The lithium conversion partnership adds a specific critical minerals angle to Siemens' decarbonization story, which is not fully captured in the broader themes of electrification and infrastructure projects.

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

The Risks and Rewards Investors Should Consider

⚠️ Siemens' higher level of debt leaves less room if large software or infrastructure projects take longer to pay off or face delays.
⚠️ Competition in both EDA tools and industrial automation from global peers and regional players could limit pricing power for new AI-powered offerings.
🎁 The company is trading at a discount to one estimate of fair value, which some investors may view as a margin of safety while it builds out AI and electrification projects.
🎁 Earnings growth in recent years and forecasts for further growth indicate that Siemens is already monetizing parts of its digital and electrification strategy.

What To Watch Going Forward

From here, you might want to track how often Siemens references customer adoption and productivity gains from the Questa One Agentic Toolkit in future updates, especially against peers in chip design software. On the lithium side, progress on permits, financing and construction milestones for the Red Rock converter in Canada will be key signals for how quickly Siemens' digital tools translate into real industrial activity. Any commentary on cross selling between these AI-powered tools, digital twin solutions and existing automation hardware could also help you judge how integrated the story is across the group.

To stay informed on how the latest news impacts the investment narrative for Siemens, head to the
community page for Siemens to follow the top community narratives.

Companies discussed in this article include SIE.DE.

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

German lithium converter expertise for Canada: Building on the blueprint developed in Guben and in collaboration with Siemens, the Red Rock Converter will define the future of digitally enabled lithium conversion facilities.
Multi-phase strategic partnership: The cooperation includes the integration of Siemens Digital Twin technology, as well as evaluation of additional Siemens solutions, services and engineering support, with the goal of positioning Red Rock as a blueprint for future converters in Canada and allied markets.
Red Rock as a Strategic Contributor to G7 Critical Minerals Supply Chain Cooperation: The partnership strengthens German-Canadian cooperation within the G7 Critical Minerals Production Alliance and positions Red Rock as a reference project for resilient, sustainable, and scalable lithium conversion.

TORONTO, March 2, 2026 /CNW/ – Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") and Siemens Canada Ltd. (Siemens) are pleased to announce that they have signed a non-binding Memorandum of Understanding (MoU) laying the foundation for a long-term, multi-phase strategic partnership to develop state-of-the-art lithium conversion capacity. The signing took place at the Canadian Critical Minerals Forum hosted by Natural Resources Canada (NRCan) during Prospectors and Developers Association of Canada Trade Show and Convention (PDAC) – the world's leading conference for the mining and minerals industry. At the core of the partnership is the application of Siemens' cutting-edge digitalization technology – in particular Digital Twin solutions – for the development, construction, and operation of Rock Tech's planned lithium converter in Red Rock, Ontario.

The partnership translates the strategic critical raw material cooperation between Canada and Germany into concrete, on-the-ground collaboration. Siemens brings German industrial and digitalization expertise to a Canadian flagship project built on the blueprint of the fully permitted, shovel-ready Guben converter in Germany. The public signing underscores the strategic importance of Red Rock for Canada's efforts to build resilient and sovereign midstream capacity for critical minerals – and reinforces broader Canada-Germany cooperation aligned within the G7 critical minerals supply chain priorities. The parties intend to explore available funding opportunities to support deployment of Digital-Twin technology.

Proven Blueprint Enables Accelerated ExecutionThe Red Rock converter will be developed based on the fully permitted and engineered facility in Guben, Germany. By transferring this blueprint to Canada, development timelines can be shortened, technical risks minimized, and capital efficiency increased. Leveraging the engineering and permitting work completed in Guben materially reduces execution risk and supports a more efficient path toward final investment decision in Canada. The planned production capacity of up to 32,000 tonnes of LCE per year would be sufficient to supply up to 900,000 electric vehicles annually.

"Red Rock will be Ontario's first lithium conversion facility and is a key project in Canada's efforts to rapidly establish domestic critical minerals processing capacity," says Mirco Wojnarowicz, CEO of Rock Tech Lithium. "Together with our Georgia Lake mining project, we are creating a fully vertically integrated supply chain from rock to battery-grade lithium. A critical minerals corridor, entirely in Ontario."

Parliamentary State Secretary Stefan Rouenhoff emphasizes: „The Federal Ministry for Economic Affairs and Energy strongly welcomes the deepening of business relations between Rock Tech Lithium and Siemens Canada. At a time when secure and sustainable supply chains for critical raw materials are of strategic importance, this partnership sends a powerful signal for the continued expansion of German-Canadian cooperation."

Digital Twin Optimizes Efficiency and SustainabilityThe collaboration with Siemens provides for the deployment of Digital Twin technology across the entire project lifecycle: from the feasibility study through engineering and construction to operation. Through the virtual, data-driven modeling of processes, energy flows, and material streams, Rock Tech can optimize and validate design, efficiency, emissions, and operational reliability before committing capital. "Our partnership with Rock Tech is built on a shared commitment to developing stronger and more resilient domestic critical minerals processing capacity," says Faisal Kazi, CEO of Siemens Canada. "By leveraging our digital twin and industrial digitalization technologies, we are supporting the development of lithium conversion in Ontario that could ultimately help support stronger battery supply chains within the G7. This collaboration between our two organizations – both at home in Canada and in Germany – underscores our shared vision for energy security, industrial competitiveness, clean growth, and creating a blueprint for next-generation facilities worldwide."

Strategic Relevance for Canada and the G7With midstream lithium processing, the project closes a critical gap in the North American battery value chain. Rock Tech and Siemens share the goal of establishing Red Rock as a strategic project within the G7 Critical Minerals Production Alliance. The partnership is intended to serve as a reference model for further industrial ventures in the critical minerals space, thereby helping to strengthen supply security across the G7 nations.

"This second round of partnerships and strategic investments under the Critical Minerals Production Alliance illustrates how Canada and our G7 allies are moving from ambition to action. Canada, our industry, and our partners are putting real capital behind the secure and sustainable critical mineral supply chains that our economies and defence industries rely on," said the Honourable Tim Hodgson, Minister of Energy and Natural Resources. "By working with companies like Rock Tech Lithium and Siemens, we are helping deliver the minerals the world needs and the prosperity and security Canadians deserve."

Long-Term Partnership with Growth PotentialThe cooperation is structured in multiple phases, initially focusing on the deployment of Digital Twin technology during engineering and in the feasibility study. In the medium term, the parties are evaluating additional Siemens solutions, services and engineering support for the Red Rock converter, as well as the potential expansion of the cooperation to further projects in G7 member countries. Joint applications for public funding will be pursued with NRCan, the Government of Ontario, and through Canadian-German cooperation programs.

On behalf of the Management

Mirco WojnarowiczCEO, Rock Tech Lithium Inc.

ABOUT ROCK TECHRock Tech is enabling the battery age by making the battery industries in Europe and North America more independent and competitive. The Company's goal is to ensure the supply of high-quality, locally produced lithium – supporting a resilient, sustainable, and transparent value chain from mine to battery-grade material.

Rock Tech relies on responsible sourcing, state-of-the-art and proven technologies, and a clear focus on circular economy principles. The Company's lithium hydroxide converter projects in Guben, Germany (24,000 tonnes LHM per year) and Ontario, Canada (up to 32,000 tonnes LCE per year) form the foundation for a stable and regional supply to the battery and automotive industries. The Guben converter has been recognized as a strategic project under the EU Critical Raw Materials Act.

The raw materials for Rock Tech's converter projects are sourced exclusively from verifiably ESG-compliant suppliers. In Canada, Rock Tech relies, among other sources, on its wholly owned Georgia Lake Project, which ensures a stable and sustainable supply for the North American market and is being developed in close partnership with local Indigenous communities. By integrating recycled materials, the company aims to close the local battery loop.

With its facilities, Rock Tech makes a central contribution to battery-grade material sovereignty and the achievement of climate targets. The company works in partnership with industry, policymakers, and community groups, and is committed to open communication and the highest environmental standards.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATIONCertain statements contained in this news release constitute „forward-looking information" under applicable securities laws and are referred to herein as „forward-looking statements". All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are forward-looking statements. When used in this news release, words such as „expects", „anticipates", „plans", „predicts", „believes", „estimates", „intends", „targets", „projects", „forecasts", „may", „will", „should", „would", „could" or negative versions thereof and other similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking information pertaining to: the Company's and Siemens commitment to strengthen the western battery supply chains; the development of the multi-phase pathway; the parties' strategic, technical, and commercial alignment on the use of Siemens digital twin technology; the implementation of the digital twin technology; the benefit of leveraging the engineering and permitting work completed in Guben converter; the costs, schedules and completion dates for developing the digital twin technology; Rock Tech's opinions, beliefs and expectations regarding the outcome of the MoU and benefits of the use of Siemens digital twin technology; the replicability of the digital converter model for the development of future lithium conversion facilities in Canada and allied jurisdictions; the inclusion of additional Siemens' technology related to the Red Rock converter; the Company's own business strategy, development and exploration opportunities and projects, and plans and objectives of management for the Company's operations and properties; Siemens' ability to deliver the digital twin; the pending development and infrastructure of the Red Rock area; the accuracy and reliability of technical data, forecasts, estimates and studies; the Company's ability to secure funding to finance the multi-phase pathway; the role and potential involvement of provincial and federal authorities, and German public-sector stakeholders in supporting the objectives of the parties collaboration; the supply and demand for, deliveries of, and the level and volatility of prices of, intermediate and final Lithium products; future exchange and interest rates; general business and economic conditions; the costs and results of development, exploration and operating activities, to procure supplies and other equipment necessary for its business; and the accuracy and reliability of technical data, forecasts, estimates and studies;.

Forward-looking information is based on certain assumptions, estimates, expectations and opinions of the Company and, in certain cases, third party experts, that are believed by management of Rock Tech to be reasonable at the time they were made. Forward-looking information is derived utilizing numerous assumptions regarding, among other things the parties' strategic, technical, and commercial alignment on the use of Siemens digital twin technology; the implementation of the digital twin technology; the replicability of the digital converter model for the development of future lithium conversion facilities in Canada and allied jurisdictions; Siemens' decision to strategic invest into Red Rock project; the inclusion of additional Siemens' technology related to the Red Rock converter; Siemens' ability to deliver the digital twin; the pending development and infrastructure of the Red Rock area; the accuracy and reliability of technical data, forecasts, estimates and studies; the Company's ability to secure funding to finance the multi-phase pathway; the role and potential involvement of provincial and federal authorities, and German public-sector stakeholders in supporting the objectives of the parties collaboration. The foregoing list is not exhaustive of all assumptions which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect and should not be read as a guarantee of future performance or results.

Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements, including but not limited to technical challenges in providing the digital twin technology; geopolitical risks; changes in applicable laws and regulations; regulatory risks; changes in market conditions, including lithium prices, demand for conversion and digital twin technology and availability of financing; volatility; reliance on third-party contractors and suppliers for critical project components. Except as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise, to reflect any change in Rock Tech's expectations or any change in events, conditions or circumstances on which any such information is based. The forward-looking information contained herein is presented for the purposes of assisting readers in understanding Rock Tech's plans, objectives and goals and is not appropriate for any other purposes.

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.

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