Equities in Canada’s largest centre ascended to a new all-time high Friday, with gold and other resource stocks leading the way.

The TSX leaped 314.92 points, or 1%, end Friday’s session at 31,755.77. On the week, the gain was 228 points, or 0.7%,

The Canadian dollar slid 0.1 cents to 72.47 cents U.S.

BlackBerry raised the lower end of its fiscal 2026 revenue forecast on strong demand for its cybersecurity software, while posting third-quarter revenue above analyst estimates. BlackBerry shares shed 85 cents, or 14.1%, to $5.18.

Lundin Mining said it planned to sell its Eagle nickel-copper mine and Humboldt Mill to Talon Metals in a deal worth about $84 million. Lundin shares gained 48 cents, or 1.7%. to $28.30.

Energy Fuels popped $1.56, or 8.1%, to $20.82. after the miner's rare earth oxide qualified for magnet production.

Gold led the parade of winners, with New Gold towering 77 cents, or 6.8%, to $12.24, while Centerra Gold captured 80 cents, or 4.2%, to $20.04.

In materials, Agnico Eagle Mines increased $8.41, or 3.6%, to $240.88, while First Majestic Silver climbed 82 cents, or 3.7%, to $23.08.

In tech stocks, Bitfarms gained 37 cents, or 11.9%, to $3.49. whjle Celestica ballooned $34.35, or 9.2%, to $407.37.

Health-care stocks put a damper on everything, as Curaleaf faded 13 cents, or 1.4%, to $9.53, while Chartwell Retirement Residence lots seven cents to $20.62.

In consumer staples, Canada Packers dipped 32 cents, or 2.1%, to $15.28, while Metro dropped $2.90, or 1.9%, to $97.86.

In real-estate, Boardwalk REIT slid 97 cents, or 1.5%, to $63.89, while FirstService drained $2.95, or 1.4%, to $214.62.

On the economic scene, Statistics Canada said its new housing price index was unchanged in November, in contrast with a 0.4% decrease the month before, while retail sales decreased 0.2% to $69.4 billion in October.

Sales were down in four of nine subsectors, led by decreases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchanged prospered 35.9 points, or 3.8%, to 977.98, picking up 22.6 points, or 2.38% on the week.

Eight of the 12 TSX subgroups were positive on the day, with gold better by 3%, information technology ahead 2.6%, and materials up 2.2%.

The four laggards were weighed most by health-care stocks, sagging 1.3%, consumer staples, down 0.7%, and real-estate, off 0.4%.

Read:

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• Medical Breakthroughs: 5 AI Innovators Redefining What's Possible
• The Gold Bull Market: Record Margins for Majors Create Ideal Conditions for Discovery Plays
• Pivotal Cancer Trials Gain Momentum as Regulatory Clarity Emerges
• Defense Budgets Pivot to Quantum As Code War Escalates

ON WALLSTREET

U.S. stocks rose on Friday, lifted by Oracle, as the artificial intelligence trade regained its footing after experiencing volatility.

The Dow Jones Industrials ballooned 182.24 points, to close Friday at 48,134.09

The S&P 500 index hiked 59.95 points to 6,834.71.

The NASDAQ spiked 301.26 points, or 0.1%, to 23,278.56.

Oracle shares were up 6.6% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The jump marks a turnaround for the stock, which came under pressure this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects over worries about the company’s debt and AI spending levels. That dragged down other stocks linked to AI, including Broadcom and Advanced Micro Devices.

Elsewhere, shares of AI chip darling Nvidia rose about 4% after Reuters, citing sources familiar with the matter, reported that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China.

Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country.

Additionally, Micron Technology shares extended their gains from the previous session, rising around 7%.

Nike was among the day’s losers, as shares slid 10.5% after the sports apparel giant saw revenue in its Greater China market decline during the fiscal second quarter.

The company is also feeling the pain of tariff increases, noting a hit to its gross margins due to the levies.

Prices for the 10-year Treasury gained ground, lowering yields to 4.15% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices gained 50 cents to $56.65.

Gold prices improved five dollars to $4,369.50.

VANCOUVER — Lundin Mining Corp. has signed a deal to sell its Eagle Mine and Humboldt Mill in Michigan to Talon Metals Corp. in an all-stock deal valued at about US$83.7 million.

Under the agreement, Lundin Mining will receive 275.2 million Talon shares, representing an 18.4 per cent stake in the company.

The deal will increase Lundin Mining's interest in Talon to 19.99 per cent once the deal is complete.

Lundin acquired the Eagle project from Rio Tinto in 2013 and began commercial production at the operation in 2014.

The company says the deal helps streamline its portfolio to focus on its larger scale primary copper mining operations in Brazil and Chile.

The sale is expected to close in early January, subject to the approval by the Toronto Stock Exchange and other customary closing conditions.

This report by The Canadian Press was first published Dec. 19, 2025.

Companies in this story: (TSX:LUN, TSX:TLO)

The Canadian Press

Futures for Canada's main stock index inched higher on Friday, as investors awaited retail sales figures that could offer fresh signals on the economy.

The TSX leaped 190.83 points to close Thursday at 31,440.85.

The Canadian dollar hesitated 0.05 cents to 72.53 cents U.S.

Futures were up 0.2% Friday.

BlackBerry raised the lower end of its fiscal 2026 revenue forecast on strong demand for its cybersecurity software, while posting third-quarter revenue above analyst estimates.

Lundin Mining said it planned to sell its Eagle nickel-copper mine and Humboldt Mill to Talon Metals in a deal worth about $84 million.

On the economic scene, Statistics Canada said its new housing price index was unchanged in November, in contrast with a 0.4% decrease the month before, while retail sales decreased 0.2% to $69.4 billion in October.

Sales were down in four of nine subsectors, led by decreases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchanged prospered 9.62 points, or 1%, Thursday to 942.08.

ON WALLSTREET

S&P 500 futures fell slightly Friday after major U.S. indexes closed higher, buoyed by cool inflation data.

Futures for the Dow Jones Industrials docked 39 points, or 0.1%, to 48,282.

Futures for the broader index fell 4.25 points, or 0.1%, to 6,834.75.

Futures for the NASDAQ climbed 40 points, or 0.2%, to 25,301.75.

In premarket trading, Oracle was a winner, with shares up more than 4% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

Read:

• Blueprint for Profit: 5 Gold Stocks Engineering Their Own Upside

• Medical Breakthroughs: 5 AI Innovators Redefining What's Possible

• The Gold Bull Market: Record Margins for Majors Create Ideal Conditions for Discovery Plays

• Pivotal Cancer Trials Gain Momentum as Regulatory Clarity Emerges

• Defense Budgets Pivot to Quantum As Code War Escalates

In contrast, Nike shares slid 10% as the sports apparel giant saw revenue in its Greater China market decline during the fiscal second quarter. The company is also feeling the pain of tariff increases, noting a hit to its gross margins due to the levies.

The S&P 500 and the Dow both snapped their four-day losing streaks in the previous session.

The NASDAQ Composite also rose, gaining 1.4%, as several tech stocks recouped losses from the day before.

This week, the S&P 500 is down 0.8% and 30-stock Dow sagged 1%. The NASDAQ is down 0.8% week to date.

Friday could see volatile market activity as options on four types of securities are set to expire on the same day, an event known as “quadruple witching.”

More than $7.1 trillion in notional options exposure is set to expire this Friday, making it the largest options expiration on record, according to Goldman Sachs.

Stocks on Thursday climbed after a lighter-than-expected inflation reading from November’s consumer price index report and gains in the market’s tech leaders.

The CPI data — which reflected a 2.7% year-over-year jump in consumer prices, lower than expected — gave investors hope that the Federal Reserve will lower interest rates in 2026.

To be sure, some economists warned that the methodology used in the data release — which was the first CPI report since the government shutdown this fall — could lead to a reacceleration in December’s inflation report.

Overseas, the Nikkei 225 in Japan gained 1% Friday, while in Hong Kong, the Hang Seng Index tacked on 0.8%.

Oil prices added 34 cents to $56.49

Gold prices backpedaled $10.70 to $4,353.80.

Lundin Mining (LUN.TO) late on Thursday said it has agreed to sell its subsidiary Lundin Mining US, which indirectly holds the Eagle Mine and Humboldt Mill, to Talon Metals.

In exchange, Talon will issue 275.2 million of its shares to Lundin, representing 18.4% of Talon's issued and outstanding shares. The implied valuation of the share consideration is about US$83.7 million, based on the five-day volume-weighted average trading price of Talon shares up to Dec. 18.

The combination of Talon and Eagle will create a pure-play U.S. nickel-copper producer. The Eagle Mine is the only primary nickel mine currently operating in the U.S.

At deal closing, Lundin will have increased its total holding in Talon to 19.99% of the issued and outstanding Talon shares.

Talon's board will also be reconstituted to 10 directors with two nominees from Lundin, being Jack Lundin and Juan Andres Morel. Darby Stacey, the managing director of Eagle Mine, and Humboldt Mill, will be named CEO and director of Talon.

Talon will continue to be publicly listed on the Toronto Stock Exchange under the symbol TLO after deal closing.

The deal is expected to close in early January 2026, subject to receipt of TSX approval and the satisfaction of other customary closing conditions.

VANCOUVER, BC, Dec. 18, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that it has signed a definitive agreement (the "Share Purchase Agreement") to sell its subsidiary Lundin Mining US Ltd. ("Lundin Mining US") which indirectly holds the Eagle mine ("Eagle Mine" or "Eagle") and Humboldt Mill to Talon Metals Corp. ("Talon") in return for 275.2 million Talon shares, representing 18.4% of Talon's issued and outstanding shares upon completion of the transaction (the "Share Exchange" or "Transaction"). The implied valuation of the share consideration is approximately US$83.7 million, based on the five-day volume-weighted average trading price of the common shares of Talon on the Toronto Stock Exchange (the "TSX") up to December 18, 2025. Talon will continue to be publicly listed on the TSX under the symbol TLO following closing of the Transaction.

Following the completion of the Transaction, Lundin Mining will have increased its total holding in Talon to 19.99% of the total issued and outstanding common shares of Talon on a non-diluted basis. At closing, the Board of Directors of Talon will be reconstituted to be comprised of ten Directors with two nominees from Lundin Mining being Jack Lundin and Juan Andrés Morel. Additionally, Darby Stacey, the current Managing Director of the Eagle Mine and Humboldt Mill, will be appointed as CEO and Director of Talon. Mr. Stacey was part of the team that designed, constructed and commissioned the Eagle Mine and has been responsible for the overall operations for the last five years.

Jack Lundin, President and CEO, commented "The combination of Talon and Eagle will create a pure-play U.S. nickel company anchored by the Eagle Mine, the only primary nickel mine currently operating in the United States. This transaction unlocks meaningful synergies, including the opportunity to leverage the Humboldt Mill as a shared, centralized processing facility. We are pleased to see this consolidation come to fruition and believe that the combination of our complementary capabilities will drive long-term value for shareholders while supporting sustained economic growth in the local community.

"Lundin Mining acquired the Eagle Mine in 2013, and since the start of operations it has produced more than 194,000 tonnes of nickel and 185,000 tonnes of copper, generating over US$3.2 billion in revenue as of Q3 2025, while delivering significant economic benefits to the region. This track record reflects the dedication, professionalism, and strong safety culture of the Eagle team, and we extend our sincere thanks to everyone for their commitment and lasting contributions to the organization."

Strategic Rationale

The combination of assets immediately creates a new pure play American nickel-copper producer with significant exploration upside.

Aligned with Lundin Mining's strategy:

• Further streamlines Lundin Mining's portfolio to enable the Company to focus on delivering value at its larger scale primary copper mining operations in Brazil and Chile in addition to advancing the prolific Vicuña District.
• Creates additional value for Lundin Mining shareholders through potential mine life extension at Eagle from exploration opportunities at Talon.
• Lundin Mining will maintain a meaningful ownership (19.99%) and upside in Talon post Transaction.

New development opportunity:

• Significant upside through the development of Tamarack and further exploration opportunities at Boulderdash and the Tamarack Vault zone.
• The Transaction is expected to unlock value through shared infrastructure (Humboldt Mill) and additional Mineral Resources (Tamarack). Tamarack currently contains 8.6 million tonnes at 1.73% Ni in the indicated category and 8.5 million tonnes at 0.83% in the inferred category (see Talon press release dated October 19, 2022, LINK).
• Recent drilling at Tamarack has outlined a new high-grade zone (the "Vault Zone") below the existing Mineral Resource that has intercepted 47.33 metres of 11.01% Ni and 11.40% Cu along with other PGM's (see Talon press release dated June 5, 2025, LINK).
• Talon's large land package and exploration expertise adds further exploration potential to a combined set of assets.
• Complementary skill sets, combines the operational and construction expertise of the Eagle team and the exploration knowledge and talent of Talon.

Domestic supply and government support:

• Post Transaction Talon will have the potential to process critical minerals from multiple facilities, operating both the Humboldt Mill in Michigan and the future proposed Beulah minerals processing facility in North Dakota.
• Talon has received significant U.S. federal grant funding to support the expansion of domestic critical mineral resources. Following the closing of the Transaction, the team expects to continue to progress these projects to benefit domestic supply demands.

Based on Lundin Mining's 3-year production guidance (see press release dated January 16, 2025 entitled "Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance"), Eagle's forecast copper production is currently guided to account for approximately 2% of the 2026 and 2027 consolidated copper production of the Company. Upon completion of the Transaction, Eagle's production will no longer be included in the Company's guidance.

Transaction Summary 

Talon will acquire 100% of the outstanding shares of Lundin Mining US, a wholly-owned subsidiary of Lundin Mining which owns the Eagle Mine and Humboldt Mill, in exchange for 275,152,232 Talon shares that will result in Lundin Mining owning 19.99% of the outstanding shares of Talon on a post-closing non-diluted basis (inclusive of the shares of Talon that Lundin Mining currently owns). Lundin Mining expects to use the equity accounting method for its shareholding in Talon.

Lundin Mining and Lundin Mining US will also enter into a Production Payment Agreement for ore that is processed through the Humboldt Mill that was not mined or produced from the Eagle Mine. Lundin Mining US will make ore delivery payments of US$1.00 per metric tonne of non-Eagle ore processed through the Humboldt Mill to Lundin Mining until the aggregate ore delivery payments equal the capped amount of US$20 million.

In addition, Lundin Mining and Talon will enter into an Investor Rights Agreement pursuant to which Lundin Mining will be entitled to certain rights relating to: (i) director nomination; (ii) anti-dilution; and (iii) pro-rata participation in future equity financing activities of Talon. Lundin Mining will also enter into a Lock-Up Agreement pursuant to which the acquisition, sale or disposition of Talon shares by Lundin Mining will be restricted, subject to certain customary exceptions, for a period of up to 24 months.

Lundin Mining and Talon will also enter into a Transitional Services Agreement in relation to the provision of transitional services to be provided by Lundin Mining to Talon during a transitional period following closing.

Indicative Timeline

The Share Exchange and certain other transactions contemplated by the Share Purchase Agreement is not required to be approved by the shareholders of Talon. The transaction is expected to close in early January 2026, subject to receipt of the approval of the TSX and the satisfaction of other customary closing conditions.

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with four operating mines in Brazil, Chile and the USA. 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 December 18, 2025 at 17:00 Pacific Time.

Technical Information

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Hamilton Matias, Registered Member of SME, Director, Resource Geology, a "Qualified Person" within the meaning of NI 43-101. Mr. Matias has verified the data disclosed in this release and no limitations were imposed on his verification process.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's and Talon's respective plans, prospects and business strategies; statements regarding the Transaction, including the completion and timing thereof; the implied estimated aggregate consideration payable to Lundin Mining pursuant to the Transaction and Lundin Mining's ownership interest in Talon following closing of the Transaction; the conditions to closing the Transaction, including the satisfaction and timing thereof; the expectation that Lundin Mining will enter into a Production Payment Agreement, Investor Rights Agreement, Lock-Up Agreement, Transition Services Agreement and other agreements ancillary to the Transaction, as well as the expected terms thereof; the expected benefits of the Transaction for the Company and Talon, including the capacity and developmental opportunities, the potential to extend the mine life at Eagle and the anticipated synergies associated with the Transaction; funding opportunities and the ability to capitalize on such opportunities; the anticipated benefit of the Transaction to Lundin Mining's shareholders and the local economy; reconstitution of the Talon Board and changes to management; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; the Company's accounting for the transaction; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

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

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

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Copper prices have lately demonstrated renewed momentum and are heading into 2026 with stronger price expectations, supported by tightening global supply, lingering uncertainty around potential U.S. trade tariffs, amid solid demand.

Copper consumption is expected to accelerate manifold in the coming years, driven by traditional industrial demand as well as the energy transition trend and the rapid expansion of digital infrastructure.  Meanwhile, declining ore grades and the lengthy timelines to bring new mines online are fueling concerns over a looming supply deficit, creating a supportive backdrop for structurally higher copper prices. Against this backdrop, stocks such as BHP Group Limited (BHP), Southern Copper Corporation SCCO and Teck Resources Limited TECK stand out as compelling opportunities for investors seeking exposure to copper’s cyclical upswing and attractive long-term fundamentals.

Copper Price Trend in 2025 and the Outlook for 2026

So far this year, copper has ranged from a low of $4.01 per pound in January to an all-time high of $5.96 per pound in July. Copper is currently trading around $5.47 per pound, with the year-to-date average hovering near $4.84 per pound.

Prices have picked up steam recently, supported by solid demand from China and the United States. In China, electric vehicles and energy infrastructure projects continue to drive consumption, while an AI-led investment boom has led to higher demand in the United States. In addition, the prospect of U.S. tariffs on refined metals has prompted traders to redirect shipments into the country, leading to tightening supply conditions. Supply-related fears have also intensified, with concerns around lower output or disruptions at major global mining operations, including Quebrada Blanca, Grasberg and Constancia. 

Adding to the bullish narrative, the U.S. Geological Survey included the red metal in its 2025 List of Critical Minerals, underscoring its strategic importance in U.S. energy independence and national security. This is also expected to unlock policy support, faster permitting and efforts to strengthen domestic supply chains. Copper prices are up roughly 35.8% this year, and are likely to finish the year with the highest gain since 2009.

Analysts are projecting higher prices on expectations that the impending demand-supply imbalance will keep prices well supported next year. 

Copper “Charging Ahead”: Solid Demand Amid Supply Constraints

One of the key reasons behind copper’s resurgence is surging demand across a wide range of sectors. Copper is the third most consumed industrial metal in the world, according to the U.S. Geological Survey. Given its widespread use, copper has long been considered a bellwether for the global economy. 

Copper demand has increased nearly fourfold in the last five decades, supported by sectors such as electrical and electronic products, building construction, industrial machinery and equipment, transportation equipment, and consumer and general products. 

The metal is also indispensable in the energy transition. Electric Vehicles require significantly more copper than traditional internal combustion engine vehicles, while renewable energy systems, power grids, and charging networks also rely heavily on copper supply. The rapid expansion of data centers to support Artificial Intelligence workload is a key growth area. Per the International Energy Agency, clean energy technologies are expected to account for around 36% of copper demand in 2040, up from 24% in 2021. 

This combination of traditional needs, decarbonization efforts and digitalization will push copper demand to new highs. However, the mining industry struggles to keep pace due to declining ore grades, higher capital costs, a shortage of high-quality future development opportunities and lengthy timelines involved. Environmental scrutiny and social challenges are also intensifying, particularly in Peru, where community opposition to mining projects is becoming an increasing risk. This demand-supply imbalance will push copper prices north, which bodes well for copper miners. 

3 Copper Stocks to Buy Now

We recommend adding the following copper-mining stocks to your portfolio. We have handpicked three stocks that have a Zacks Rank #1 (Strong Buy) or Rank #2 (Buy) and upbeat earnings growth projections. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment Research

BHP Group: Supported by strong cash flows, the company reduced its long-term debt in recent years, strengthening its balance sheet and financial flexibility. The company continues to improve operational efficiency through technology adoption across its value chain, helping lower costs and expand margins. Copper has become a central pillar of BHP’s portfolio, now contributing 39% of EBITDA, one of the highest exposures among diversified miners. BHP has projects under execution and a robust pipeline that could deliver around 2 million tons per annum of attributable copper production by the 2030s. 

In Chile, it has a solid pipeline of organic growth options with attractive returns across its Escondida and Pampa Norte assets. The company expects this will enable copper production in Chile to average 1.4 Mtpa through the 2030s. Optimization efforts at Escondida will generate an incremental 400 kt of cumulative production over fiscal 2027-31, weighted to the later years. In South Australia, BHP is targeting copper output of more than 500 ktpa, with the potential to scale up to 650 ktpa longer term. Antamina has received environmental approval to continue mining to 2036. BHP and Lundin Mining have formed a 50-50 joint venture, Vicuña Corp., to develop the Josemaria and Filo del Sol copper deposits located in the Vicuña district of Argentina and Chile. The latter is one of the largest copper deposit discoveries in the last three decades. BHP also has a 45% interest in the Resolution Copper Project in the United States, one of the largest undeveloped copper projects in the world.

BHP has a long-term estimated earnings growth rate of 6.94%. The Zacks Consensus Estimate for the company’s fiscal 2026 and 2027 earnings indicates year-over-year growth of 26% growth of 2.7%, respectively. Both the estimates have moved up over the past 60 days. BHP shares have gained 28.5% in the past six months. 

Southern Copper: The company has the largest copper reserve in the industry and operates world-class assets in investment-grade countries, such as Mexico and Peru. SCCO’s capital investment program for this decade runs to more than $15 billion. The major portion (around $10.3 billion) is earmarked for Peru as the country is the second-largest producer of copper.  This includes investments in Tia Maria – Arequipa, Los Chancas – Apurimac and Michiquillay – Cajamarca projects in Peru.

The Tía María project is expected to produce 120,000 tons of SX- EW copper cathodes annually. The Los Chancas project is an open-pit mine with a combined operation of a concentrator and SX-EW processes. It is expected to produce 130,000 tons of copper and 7,500 tons of molybdenum annually, and is expected to start in 2030-2031. SCCO’s Michiquillay is expected to become one of Peru's largest copper mines and will produce 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) for an expected mine life of more than 25 years. Given its constant commitment to increasing low-cost production and growth investments, SCCO is well-positioned to continue delivering an enhanced performance. The Zacks Consensus Estimate for Southern Copper’s earnings for 2025 and 2026 have moved north in the past 60 days. The estimate for 2025 and 2026 indicates year-over-year growth of 21.7% and 16.4%, respectively. SCCO has a long-term estimated earnings growth rate of 20.6%. SCCO shares have gained 52% in the past six months the company currently sports a Zacks Rank of 1. Teck Resources: In September, Teck Resources entered into a merger agreement with Anglo American to form the Anglo Teck group. With the Supreme Court of British Columbia recently approving the deal, it is now moving closer to completion with only satisfaction or waiver of customary closing conditions remaining. Anglo Teck will have more than 70% exposure to copper and is set to be among the top five global copper producers. The new company will boast an industry-leading portfolio, consisting of six world-class copper assets, and premium iron ore and zinc operations. The combined annual copper production of 1.2 million tons is projected to grow 10% to 1.35 million tons by 2027.

Within four years of completion, the deal is expected to yield $800 million in annual pre-tax synergies. Around 80% of this is expected to be achieved within two years through economies of scale and operational efficiencies. The merger is also expected to generate an additional $1.4 billion in EBITDA synergies from 2030 to 2049 by optimizing adjacent assets, Collahuasi and Quebrada Blanca, through operational integration.

The Zacks Consensus Estimate for Teck Resources’  earnings for fiscal 2025 and 2026 indicates year-over-year growth of 73.5% and 13.6%, respectively. TECK has a long-term estimated earnings growth rate of 37.8%. TECK currently carries a Zacks Rank #2 (Buy).

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

Zacks Investment Research

• Morgan Stanley analyst Carlos De Alba recently downgraded Southern Copper to Sell, with the move adding to already cautious analyst views on the miner and coinciding with negative insider sentiment driven by increased executive share sales over the past quarter.

• For investors, the combination of a downgrade from a major bank and rising insider selling raises fresh questions about how management views Southern Copper’s risk-reward balance at current levels.

• We’ll now examine how Morgan Stanley’s downgrade, alongside growing insider selling, could reshape Southern Copper’s existing investment narrative and risk profile.

Uncover the next big thing with financially sound penny stocks that balance risk and reward.

Southern Copper Investment Narrative Recap

To own Southern Copper, you generally have to believe in sustained copper demand, the company’s high margins and its ability to execute on large capex plans without eroding returns. Morgan Stanley’s Sell downgrade and the backdrop of insider selling sharpen near term focus on valuation risk, but they do not fundamentally alter the key catalyst of how well Southern Copper manages cost inflation and margins, or the broader macro risk around trade tensions and tariffs that could hit copper demand.

The most relevant recent development in this context is Southern Copper’s Q3 2025 earnings, with sales of US$3,377.3 million and net income of US$1,107.6 million. These results highlight that, despite cautious analyst sentiment, the business is still producing high earnings and strong margins, which matters for supporting its heavy capital expenditure agenda and maintaining flexibility if a U.S. and China trade conflict or tariffs pressure copper pricing and demand.

Yet, while results look solid today, investors should be aware of how a renewed U.S. China commercial conflict could…

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

Southern Copper's narrative projects $13.0 billion revenue and $4.3 billion earnings by 2028. This requires 3.1% yearly revenue growth and about a $0.7 billion earnings increase from $3.6 billion today.

Uncover how Southern Copper's forecasts yield a $118.29 fair value, a 17% downside to its current price.

Exploring Other PerspectivesSCCO 1-Year Stock Price Chart

Four fair value estimates from the Simply Wall St Community span roughly US$100 to US$172 per share, showing how far apart individual views can be. Against that backdrop, the recent Sell rating and insider sales place extra attention on Southern Copper’s sensitivity to trade tensions and copper demand, so it makes sense to weigh several perspectives before forming an opinion.

Explore 4 other fair value estimates on Southern Copper – why the stock might be worth 30% less than the current price!

Build Your Own Southern Copper Narrative

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

• A great starting point for your Southern Copper research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.

• Our free Southern Copper research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Southern Copper's overall financial health at a glance.

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

Companies discussed in this article include SCCO.

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

Tamarack, Minnesota and L'Anse, Michigan–(Newsfile Corp. – December 18, 2025) – Talon Metals Corp. (TSX: TLO) (OTCID: TLOFF) (together with its subsidiaries, "Talon" or the "Company") is pleased to announce the signing of a share purchase agreement (the "Share Purchase Agreement") with Lundin Mining Corporation (TSX: LUN) (Stockholm: LUMI) ("Lundin Mining"). The Share Purchase Agreement provides for a transaction (the "Transaction") that will result in the combination of Lundin Mining's producing Eagle Mine and associated Humboldt Mill with Talon's interest in the Tamarack Nickel-Copper-Cobalt Project (the "Tamarack Nickel-Copper Project") and a prospective exploration land package of over 400,000 acres in Michigan, which includes the Boulderdash nickel/copper discovery 8-miles from the Eagle Mine, and Talon's proposed North Dakota Beulah Minerals Processing Facility (the "BMPF").

KEY TRANSACTION HIGHLIGHTS

• Talon will acquire 100% of the Eagle Mine and Humboldt Mill operations.
• Talon will issue 275,152,232 common shares to Lundin Mining, representing 18.73% of the Company on a non-diluted basis after the Concurrent Private Placement by the Lundin Family Trust. Together with Lundin Mining's ownership interest in Talon before the Transaction, Lundin Mining will own 19.99% of Talon after closing of the Transaction on a non-diluted basis.
• A concurrent Private Placement with the Lundin Family Trust for approximately US$5.6 million in gross proceeds, will result in the Lundin Family Trust owning approximately 1.26% of Talon after closing of the Transaction on a non-diluted basis.
• Jack Lundin and Juan Andrés Morel, the CEO and COO, respectively, of Lundin Mining will join the Talon Board.
• Lundin Mining will maintain all financial assurances for the Eagle Mine and Humboldt Mill reclamation until Talon's Board approves development of a new mine, provided that Talon uses commercially reasonable efforts to amend or replace such financial assurances.

CREATING A UNIFIED, MULTI-ASSET U.S. NICKEL PLATFORM

"This transaction brings together the positive cash-flow-generating Eagle Mine and Humboldt Mill, the proven operating experience of the Eagle and Humboldt teams, and Talon's in-house exploration capabilities to create the only operating primary nickel-copper company in the United States with expansion potential," said Henri van Rooyen, Chief Executive Officer of Talon. "The integration enables our combined team to advance our four strategic priorities in parallel – extending the Eagle mine life, accelerating exploration in Michigan and in Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Minerals Processing Facility, and progressing engineering towards feasibility study and construction."

The unified Talon team will deploy the positive cash flow from the Eagle Mine and Humboldt Mill, together with an estimated US$27 million of cash and cash equivalents, towards:

Extending Eagle Mine Life Through Modern Practices

The Eagle Mine and Humboldt Mill exemplify modern mining, built and operated to the highest standards of safety and environmental responsibility in Michigan's Upper Peninsula. Ongoing efficiency improvements and optimizations has the potential to extend the mine's life to maintain full capacity at the Humboldt Mill.

Accelerating Exploration in Michigan and at Tamarack

With the Humboldt Mill ideally positioned to process ore from Talon's Michigan discoveries such as Boulderdash – just 8 miles from the Eagle Mine – Talon's in-house exploration team, responsible for five discoveries in five years, plans to execute its most ambitious exploration program to date in 2026.

Advancing Tamarack and BMPF Environmental Review and Permitting

Building on the successful permitting and exemplary environmental performance of the Eagle Mine and Humboldt Mill, the unified team combines Eagle's operational experience with Talon's environmental specialists to advance the Tamarack Nickel-Copper Project through environmental review and permitting towards construction.

Progressing Engineering for the Future Tamarack Mine and BMPF

Following the iterative design process of the proposed Tamarack mine, driven by two years of collaboration with the Minnesota Department of Natural Resources and participating Tribal governments, Talon is proposing a "mine of the future" with all potential environmental impacts expected to be controlled within one fully enclosed facility. The proven Eagle team, with its track record in mine design, engineering, construction, and operations, will now integrate with the Talon team to complete the feasibility study in conjunction with environmental review and permitting, improving confidence in the design and long-term operability of these assets.

"Over the last decade, American policymakers have recognized that dependence on foreign sources for critical minerals is a national security risk," said Henri van Rooyen, Talon CEO. "This transaction is a direct response, uniting modern nickel mining and processing operations with the Tamarack Nickel-Copper Project and exploration assets, including the Boulderdash discovery 8-miles from the Eagle mine, to ensure a domestic supply of nickel and other critical minerals for defense, energy and advanced technology manufacturing."

ABOUT THE TRANSACTION

Pursuant to the terms of the Share Purchase Agreement, Talon will acquire 100% of the outstanding shares of Lundin Mining US Ltd. ("Lundin SubCo"), a wholly-owned subsidiary of Lundin Mining, which owns the Eagle Mine and Humboldt Mill, in exchange for: (i) 275,152,232 Talon Shares which will result in Lundin Mining increasing its interest in Talon from 1.57% to 19.99% of the outstanding Talon Shares on a non-diluted basis, based on the number of Talon Shares that are issued and outstanding as of the date of the Share Purchase Agreement (and assuming the issuance of Talon Shares pursuant to the Concurrent Private Placement); and (ii) the grant of a production payment royalty (the "Production Payment Royalty") on ore from sources other than the Eagle Mine that is processed through the Humboldt Mill at a rate of US$1.00 per tonne, up to a maximum aggregate payment of US$20.0 million, representing 20 million tonnes of ore.

The Share Purchase Agreement also provides that, concurrently with closing of the Transaction, Talon and Lundin Mining will enter into an investor rights agreement (the "Investor Rights Agreement") and a lock-up agreement (the "Lock-Up Agreement"). The Investor Rights Agreement will provide Lundin Mining with certain board nomination rights, as well as participation rights in respect of future equity issuances by Talon to allow it to maintain its ownership interest, for so long as Lundin Mining has beneficial ownership of at least 10% of the Talon Shares. The Lock-Up Agreement will provide for limitations on sales of Talon Shares by Lundin Mining during the two-year period following the date of the Lock-Up Agreement. The Lock-Up Agreement will also provide that Lundin Mining will not acquire beneficial ownership of more than 19.99% of the Talon Shares during the one-year period following the date of the Lock-Up Agreement, subject to certain exceptions.

In addition, Lundin Mining has agreed to maintain and bear the cost of all financial assurances provided in respect of mining and reclamation operations of the Eagle Mine and Humboldt Mill until the board of directors of Talon (the "Talon Board") makes a "Positive Final Investment Decision" in respect of developing a mine on any of Talon's properties, provided that Talon uses commercially reasonable efforts to amend or replace such financial assurances.

Director and Officer Changes

At closing of the Transaction, the Talon Board will be reconstituted to consist of ten directors, including Jack Lundin and Juan Andrés Morel, the CEO and COO, respectively, of Lundin Mining and seven of the eight directors currently on the Talon Board. Darby Stacey, the current Managing Director of Eagle Mine, will be appointed to the Talon Board and appointed as CEO of Talon, overseeing the operations of the combined assets, with Henri van Rooyen being appointed Executive Chairman. On closing of the Transaction, Warren Newfield will be stepping down from the Talon Board and as Executive Chairman of Talon.

Henri van Rooyen, Talon CEO said: "On behalf of Talon, I would like to sincerely thank Warren Newfield for his many years of support as Executive Chairman, during which Talon achieved numerous important milestones that created significant value for shareholders."

Concurrent Private Placement

Concurrently with the signing of the Share Purchase Agreement, Talon signed a subscription agreement with a trust settled by the late Adolf H. Lundin (the "Lundin Family Trust") pursuant to which the Lundin Family Trust agreed to purchase 18,555,783 Talon Shares, at a price of C$0.4194 per Talon Share (the "Issue Price"), which is the deemed value of the Talon Shares to be issued to Lundin Mining in connection with the Transaction, on a private placement basis for gross proceeds of approximately C$7.8 million or US$5.6 million (the "Concurrent Private Placement").

The gross proceeds of the Concurrent Private Placement will be used to fund transition costs, due diligence costs, acquisition costs, and integration costs.

The Concurrent Private Placement is expected to close concurrently with the closing of the Transaction. It is also expected that Talon and the Lundin Family Trust will enter into an agreement in connection with the closing of the Concurrent Private Placement that provides the Lundin Family Trust with a contractual right in respect of future equity offerings by Talon, so it has the ability to maintain its ownership interest in Talon.

Share Consolidation

Under the terms of the Share Purchase Agreement, Talon agreed to complete a consolidation of the Talon Shares (the "Consolidation") as soon as practicable after the closing of the Transaction. The Consolidation would be on the basis of one post-consolidation Talon Share for every ten pre-consolidation Talon Shares, as approved by the shareholders of Talon at the annual and special meeting of shareholders held on June 25, 2025. The Talon Board has approved the Consolidation and the date the Talon Board has determined to implement the Consolidation will be announced in connection with closing of the Transaction, together with additional details about the Consolidation.

Additional Transaction Details

The Transaction and the Concurrent Private Placement are anticipated to close in early January, subject to the approval of the Toronto Stock Exchange (the "TSX"), as well as the satisfaction or waiver of other customary closing conditions.

Further information regarding the terms of the Transaction are set out in the Share Purchase Agreement, which will be publicly filed by the Company under its SEDAR+ profile at www.sedarplus.ca.

Advisors

Canaccord Genuity Corp. was engaged as financial advisor to the Company. Cassels Brock & Blackwell LLP and Dorsey & Whitney LLP are acting as legal counsel to the Company.

ABOUT TALON

Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Copper Project comprises a large land position (18km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Copper Project and currently owns 51%. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Beulah Mineral Processing Facility in Mercer County was selected by the US Department of Energy for US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of War awarded Talon a grant of US$20.6 million to support and accelerate Talon's exploration efforts in both Minnesota and Michigan. Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.

For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:

Media Contact:Jessica Johnson(218) 460-9345johnson@talonmetals.com

Investor Contact:Mike Kicis1 (647) 968-0060kicis@talonmetals.com

 

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include statements relating to the Transaction and Concurrent Private Placement, including the impact and anticipated benefits of the Transaction; the anticipated timing of the completion of the Transaction and the Concurrent Private Placement; the grant of the Production Payment Royalty, entering into the Investor Rights Agreement, the Lock-Up Agreement, and the agreement in connection with the Concurrent Private Placement, and the terms thereunder, and the timing thereof; changes to the Talon Board; the use of proceeds of the Concurrent Private Placement; implementing the Consolidation and the effective date thereof; future exploration work, including future drill holes, drill results, assays, geophysics and geological interpretations. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Any forward-looking statement 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 statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278652

Anglo-Teck was a test of Canada as a market economy, and it passed the test over the heads of Industry Minister Mélanie Joly and the Carney Liberals, writes Terence Corcoran. (Credit: Cole Burston/Bloomberg files)

In a global world seemingly dominated by big government economic interventions and industrial policies fabricated out of the fantasies of politicians and bureaucrats — known as state capitalism — there are developments that suggest markets still prevail.

Two such occasions, one Canadian and the other international, stand out as welcome signs that market realities dominate. In Ottawa, Industry Minister Mélanie Joly’s major — even embarrassing — backtrack on the $70-billion merger of Teck Resources and Anglo American shows that when the cards are on the table, governments must bow to private markets.

Another victory for market reality over government central-planning fantasies is the political backtracking on electric vehicles and, more broadly, on climate policies in general.

Ottawa ramps up Anglo-Teck approval

A few weeks ago, Joly’s staff made a point of correcting a media report that the government’s Investment Act decision on the Anglo-Teck merger would be coming “next month.” Not true, said the minister’s staff. What Joly had said is that the decision would come “in the next months,” thereby pushing the deadline deep  into 2026.

So why was the decision suddenly released this week, essentially within days rather than months? And, more importantly, what happened to all the minister’s blither about how the announced merger deal was not “enough” and that the new company should, among other things, move its primary stock listing to Toronto rather than London?

Based on information released Tuesday by the companies, nothing significant has changed since Joly launched her not-enough statements. The new company has committed to a 15-year series of targets and spending plans, but nothing on the list would amount to a meaningful change in corporate intentions and strategy. For example, it commits to spending $4.5 billion in Canada over the next five years. Was Teck not planning such spending before this week?

The sudden appearance of Ottawa’s decision follows the Supreme Court of British Columbia’s final approval of the merger on Dec. 12 and a massive majority vote by Teck shareholders approving the merger on Dec. 9.

Ottawa’s sudden approval of the merger confirms the primacy of a market-driven investment environment over a planning-driven environment. Anglo-Teck was a test of Canada as a market economy, and it passed the test over the heads of Joly and the Carney Liberals.

EV and climate policies face market forces

Around the world, the speeding electric vehicle market is slowing down as market reality begins to overtake automobile sales. The biggest hit is taking place in the United States, where EV sales fell 42 per cent in November following the removal of government tax credits. Left to the mercy of market prices, sales inevitably declined.

Globally, EV sales grew last month at their slowest pace (six per cent) since February 2024. At the same time, the European Commission this week unveiled a plan to relax the EU’s ban on new internal combustion-engine (ICE) cars beginning in 2035. The proposal was described by activists as the region’s “biggest retreat from its green policies in recent years.” EU automakers, however, argue the reduced target does not go far enough in light of market realities.

The EV market in Canada has also been tilted by the inability of governments to overcome the challenge of completely replacing ICE vehicles with electric automobiles — much to the distress of activists. New statistics released this week show new Canadian EV registrations dropped from 18 per cent to nine per cent of sales in the third quarter while ICE sales rose.

Clean Energy Canada, a Simon Fraser University think-tank, blamed the decline in Canada’s EV market on Ottawa for having “made a number of decisions that have collectively broken Canada’s EV market over this past year.” The opposite is true. In reality, it is the market that has broken another part of the federal government’s industrial plan to remake the automobile industry. Electric vehicles may well be the way of the future, but the future cannot be driven by massive government interventions. It takes a market. As Ford CEO Jim Farley said this week: “We can’t allocate money for things that will not make money.”

EV market troubles are only one part of a shifting global reality. Industrial strategies and state planning cannot overcome and crush the market economy. Even corporations cannot break the market reality they are dealing with. A Financial Times feature last week documented how two British oil giants — Shell and BP — failed to transform their companies into pioneers of the green energy transition away from fossil fuels.

In 2021, the two companies set out to become transition leaders by investing billions in electric and other non-emitting energy sources. The plan failed as BP and Shell confronted internal operational turmoil, unco-operative markets and unhappy shareholders. Both companies had to write off billions of dollars in misguided investments.

The BP-Shell fiasco highlights a bigger trend. Wall Street Journal columnist Greg Ip last weekend raised the question: “Whatever happened to the climate crisis?” Activists such as Bill Gates have pulled back, for example. But Ip writes that the real cause of change in the climate debate is “affordability, and affordability won.”

By definition, that means the reality of the market won. May it always be so.

• Terence Corcoran: The new Rogers v. Rogers play gets a BS rating
• Terence Corcoran: A minimum wage is a tax on labour. And that’s good?

• Email: tcorcoran@postmedia.com

Thursday, December 18, 2025The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corp. (NVDA), Netflix, Inc. (NFLX) and Merck & Co., Inc. (MRK), as well as two micro-cap stocks The Monarch Cement Co. (MCEM) and Cumberland Pharmaceuticals Inc. (CPIX). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.You can see all of today’s research reports here >>>Ahead of Wall StreetThe daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.You can read today's AWS here >>> CPI, Jobless Claims in Very Agreeable RangesToday's Featured Research ReportsShares of NVIDIA have outperformed the Zacks Semiconductor – General industry over the past year (+30.9% vs. +28.9%). The company is benefiting from the strong growth of artificial intelligence (AI) and high-performance accelerated computing. The growing demand for generative AI and large language models using graphics processing units (GPUs) based on NVIDIA’s Hopper and Blackwell architectures is aiding data center revenues.The continued ramp-up of Ada RTX GPU workstations in the ProViz end market, following the normalization of channel inventory, is acting as a tailwind. Collaborations with more than 320 automakers and tier-one suppliers are likely to advance its presence in the autonomous vehicle space. The Zacks analyst expect NVIDIA’s revenues to witness a CAGR of 40.7% through fiscal 2026-2028. However, a limited supply of Blackwell GPUs may hinder its ability to meet demand. Rising costs associated with the production of more complex AI systems will hurt margins.(You can read the full research report on NVIDIA here >>>)Netflix’s shares have gained +5% over the past year against the Zacks Broadcast Radio and Television industry’s gain of +16.2%. The company is benefiting from its growing subscriber base, thanks to a robust localized and foreign-language content portfolio and healthy engagement levels with about two hours of viewing per member per day, indicating strong member retention. NFLX's advertising tier now accounts for more than 55% of new sign-ups in available markets. NFLX has set an ambitious target to double its revenues by 2030 and reach a $1 trillion market capitalization, supported by a diversified content strategy, including international programming, live events, and gaming initiatives.NFLX raised its full-year free cash flow forecast to $9 billion from $8-8.5 billion. For the fourth-quarter, Netflix projects $11.96 billion in revenue with 16.7% growth and a 23.9% operating margin, featuring major releases including Stranger Things' final season and NFL Christmas games.(You can read the full research report on Netflix here >>>)Shares of Merck have gained +3.4% over the past year against the Zacks Large Cap Pharmaceuticals industry’s gain of +16.7%. The company’s blockbuster drug, Keytruda, and new products have been driving sales. With label expansion into new indications, particularly earlier-stage launches, Keytruda is expected to see continued growth. Animal health is also contributing to growth. Merck has been making meaningful pipeline progress across areas like oncology, vaccines and infectious diseases. Moreover, it is actively pursuing M&A deals to enhance its pipeline and diversify away from Keytruda. However, rising competitive and generic pressure on some drugs and persistent challenges for Gardasil in China remain overhangs. There are concerns about Merck’s ability to successfully navigate the Keytruda loss of exclusivity period and potential competition for the drug. (You can read the full research report on Merck here >>>)Monarch Cement’s shares have gained +5.9% over the past year against the Zacks Building Products – Concrete and Aggregates industry’s gain of +18.5%. This microcap company with a market capitalization of $805.78 million offers a compelling income-plus-stability profile, anchored by strong balance sheet discipline, margin leadership and capital flexibility. Monarch Cement’s significantly increased dividends and buybacks in 2025 while maintaining $56.8 million in cash and no long-term debt. Retained earnings and equity continue to grow, enabling $25.5 million in self-funded capex. The Cement segment delivers dominant profitability, generating more than 94% of operating income with a 46% gross margin, reinforced by ongoing investment in long-life assets and a vertically integrated plant with >50 years of reserves. A capital-efficient JV provides steady earnings without full volatility, while timely asset monetization and a diversified equity portfolio enhance cash flow and earnings quality. Strong working capital and seasonality-aligned liquidity further support dividends, reinvestment and downside resilience.(You can read the full research report on Monarch Cement here >>>)Shares of Cumberland Pharmaceuticals have outperformed the Zacks Medical – Drugs industry over the past year (+67.7% vs. +4.4%). This microcap company with a market capitalization of $58.18 million offers a differentiated specialty pharma investment anchored by a scalable commercial platform and disciplined acquisition strategy. Cumberland Pharmaceuticals’ established hospital, GI, and oncology sales infrastructure enables efficient integration of under-promoted, FDA-approved brands, supporting operating leverage and accretive growth. The Talicia partnership adds de-risked, long-duration revenue, combining existing sales momentum with patent and exclusivity protection through 2042 at modest capital commitment. Longer term, ifetroban provides meaningful upside, with positive Phase II data in Duchenne muscular dystrophy cardiomyopathy and multiple ongoing Phase II programs that reduce binary pipeline risk. Approximately $53 million in NOLs enhance future cash flow conversion, while partner-led international launches offer low-cost growth optionality.(You can read the full research report on Cumberland Pharmaceuticals here >>>)Other noteworthy reports we are featuring today include UBS Group AG (UBS), Medtronic plc (MDT) and Southern Copper Corp. (SCCO).Mark VickerySenior EditorNote: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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Fee-based Earnings, Rising Natural Gas Demand Aid Energy Transfer (ET)Per to the Zacks analyst, ET's performance is expected to be driven by its high share of earnings from fee-based contracts and its exposure to rising demand for natural gas.

Aggregates Business Aids Vulcan (VMC) Amid Residential WeaknessPer the Zacks analyst, Vulcan is gaining from its aggregates business amid favorable public spending trends. However, a soft residential market and other macro risks mar prospects.

BCE's Growth Story Hinges on Buyout Synergies, Bell Media StrugglesPer the Zacks analyst, Ziply Fiber acquisition boosts BCE's U.S. fiber reach, while a $1.5 billion AI portfolio powers enterprise growth. Weak advertising and subscriber revenues hurt Bell Media.

Assurant (AIZ) Gains on Solid Premiums Amid Escalating CostsPer the Zacks analyst, Assurant is set to grow on solid Global Lifestyle and Global Lifestyle segments, which will drive improvement in earned premiums and fees. However, high costs remain a concern.

Investments and Key Acquisitions Aid National Fuel Gas (NFG)Per the Zacks analyst, National Fuel Gas expands through strategic acquisitions. Its disciplined capital investments to enhance natural gas and oil operations is boosting total production.

New Upgrades

Inorganic Growth and Cost Reduction Supports UBS Group AG (UBS)Per the Zacks analyst, UBS Group's expanded operations through strategic partnerships and acquisitions reflects strong inorganic growth. Cost reduction initiatives further strengthen its financials.

Expeditors (EXPD) Continues to Gain From E-commerce GrowthPer the Zacks Analyst, e-commerce demand strength acts as a tailwind for growth of companies like Expeditors. Expeditors' strong financial position supports its growth-by-acquisition strategy.

Vista Energy (VISTA) Banks on Newly Completed Oil WellsThe Zacks analyst favors Vista Energy as its newly completed oil and gas wells are producing above expectations and are set to strengthen the company's overall performance.

New Downgrades

Lower Volumes, Higher Expenses Hurt Silgan's (SLGN) MarginsPer the Zacks analyst, lower volume will impact Silgan's top-line. Higher interest expenses are also concerning for the company.

Lower Volumes Weigh on TreeHouse Foods' (THS) Top LinePer the Zacks analyst, TreeHouse Foods is impacted by macroeconomic consumption trends, driving an 11.6% year-over-year decline in volume and mix in the third quarter of 2025.

Sluggishness in China Commerce Business Ails Alibaba (BABA)Per the Zacks analyst, Alibaba is suffering from weakening China Commerce business due to sluggish growth in online physical goods GMV at Taobao and Tmall marketplaces, and pandemic-led uncertainties.

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Merck & Co., Inc. (MRK) : Free Stock Analysis Report

Netflix, Inc. (NFLX) : Free Stock Analysis Report

Medtronic PLC (MDT) : Free Stock Analysis Report

UBS Group AG (UBS) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Cumberland Pharmaceuticals Inc. (CPIX) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

The Monarch Cement Co. (MCEM): Free Stock Analysis Report

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

Zacks Investment Research

A large number of precious metals names are on the IBD 50 list of growth stocks as gold, silver, and copper prices hit record highs in 2025.

Thursday, December 18, 2025The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corp. (NVDA), Netflix, Inc. (NFLX) and Merck & Co., Inc. (MRK), as well as two micro-cap stocks The Monarch Cement Co. (MCEM) and Cumberland Pharmaceuticals Inc. (CPIX). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.You can see all of today’s research reports here >>>Ahead of Wall StreetThe daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.You can read today's AWS here >>> CPI, Jobless Claims in Very Agreeable RangesToday's Featured Research ReportsShares of NVIDIA have outperformed the Zacks Semiconductor – General industry over the past year (+30.9% vs. +28.9%). The company is benefiting from the strong growth of artificial intelligence (AI) and high-performance accelerated computing. The growing demand for generative AI and large language models using graphics processing units (GPUs) based on NVIDIA’s Hopper and Blackwell architectures is aiding data center revenues.The continued ramp-up of Ada RTX GPU workstations in the ProViz end market, following the normalization of channel inventory, is acting as a tailwind. Collaborations with more than 320 automakers and tier-one suppliers are likely to advance its presence in the autonomous vehicle space. The Zacks analyst expect NVIDIA’s revenues to witness a CAGR of 40.7% through fiscal 2026-2028. However, a limited supply of Blackwell GPUs may hinder its ability to meet demand. Rising costs associated with the production of more complex AI systems will hurt margins.(You can read the full research report on NVIDIA here >>>)Netflix’s shares have gained +5% over the past year against the Zacks Broadcast Radio and Television industry’s gain of +16.2%. The company is benefiting from its growing subscriber base, thanks to a robust localized and foreign-language content portfolio and healthy engagement levels with about two hours of viewing per member per day, indicating strong member retention. NFLX's advertising tier now accounts for more than 55% of new sign-ups in available markets. NFLX has set an ambitious target to double its revenues by 2030 and reach a $1 trillion market capitalization, supported by a diversified content strategy, including international programming, live events, and gaming initiatives.NFLX raised its full-year free cash flow forecast to $9 billion from $8-8.5 billion. For the fourth-quarter, Netflix projects $11.96 billion in revenue with 16.7% growth and a 23.9% operating margin, featuring major releases including Stranger Things' final season and NFL Christmas games.(You can read the full research report on Netflix here >>>)Shares of Merck have gained +3.4% over the past year against the Zacks Large Cap Pharmaceuticals industry’s gain of +16.7%. The company’s blockbuster drug, Keytruda, and new products have been driving sales. With label expansion into new indications, particularly earlier-stage launches, Keytruda is expected to see continued growth. Animal health is also contributing to growth. Merck has been making meaningful pipeline progress across areas like oncology, vaccines and infectious diseases. Moreover, it is actively pursuing M&A deals to enhance its pipeline and diversify away from Keytruda. However, rising competitive and generic pressure on some drugs and persistent challenges for Gardasil in China remain overhangs. There are concerns about Merck’s ability to successfully navigate the Keytruda loss of exclusivity period and potential competition for the drug. (You can read the full research report on Merck here >>>)Monarch Cement’s shares have gained +5.9% over the past year against the Zacks Building Products – Concrete and Aggregates industry’s gain of +18.5%. This microcap company with a market capitalization of $805.78 million offers a compelling income-plus-stability profile, anchored by strong balance sheet discipline, margin leadership and capital flexibility. Monarch Cement’s significantly increased dividends and buybacks in 2025 while maintaining $56.8 million in cash and no long-term debt. Retained earnings and equity continue to grow, enabling $25.5 million in self-funded capex. The Cement segment delivers dominant profitability, generating more than 94% of operating income with a 46% gross margin, reinforced by ongoing investment in long-life assets and a vertically integrated plant with >50 years of reserves. A capital-efficient JV provides steady earnings without full volatility, while timely asset monetization and a diversified equity portfolio enhance cash flow and earnings quality. Strong working capital and seasonality-aligned liquidity further support dividends, reinvestment and downside resilience.(You can read the full research report on Monarch Cement here >>>)Shares of Cumberland Pharmaceuticals have outperformed the Zacks Medical – Drugs industry over the past year (+67.7% vs. +4.4%). This microcap company with a market capitalization of $58.18 million offers a differentiated specialty pharma investment anchored by a scalable commercial platform and disciplined acquisition strategy. Cumberland Pharmaceuticals’ established hospital, GI, and oncology sales infrastructure enables efficient integration of under-promoted, FDA-approved brands, supporting operating leverage and accretive growth. The Talicia partnership adds de-risked, long-duration revenue, combining existing sales momentum with patent and exclusivity protection through 2042 at modest capital commitment. Longer term, ifetroban provides meaningful upside, with positive Phase II data in Duchenne muscular dystrophy cardiomyopathy and multiple ongoing Phase II programs that reduce binary pipeline risk. Approximately $53 million in NOLs enhance future cash flow conversion, while partner-led international launches offer low-cost growth optionality.(You can read the full research report on Cumberland Pharmaceuticals here >>>)Other noteworthy reports we are featuring today include UBS Group AG (UBS), Medtronic plc (MDT) and Southern Copper Corp. (SCCO).Mark VickerySenior EditorNote: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

NVIDIA's (NVDA) Data Center Biz Gains From Growing Adoption of GPUs

Netflix (NFLX) Banks on Original Content to Boost User Base

Keytruda Drives Merck (MRK) Sales Amid Gardasil Issues

Featured Reports

Medtronic (MDT) Gains in Market Share, MedSurg Growth RobustThe Zacks analyst is impressed that despite the macro-economic issues, Medtronic is reporting market share gains across its core businesses lines. MedSurg global expansion remains strong.

Expansion Actions to Drive Southern Copper (SCCO), Costs AilThe Zacks analyst believes Southern Copper is poised well to gain from its industry-leading copper reserves and expansion actions. However, higher labor costs will hurt margins.

Fee-based Earnings, Rising Natural Gas Demand Aid Energy Transfer (ET)Per to the Zacks analyst, ET's performance is expected to be driven by its high share of earnings from fee-based contracts and its exposure to rising demand for natural gas.

Aggregates Business Aids Vulcan (VMC) Amid Residential WeaknessPer the Zacks analyst, Vulcan is gaining from its aggregates business amid favorable public spending trends. However, a soft residential market and other macro risks mar prospects.

BCE's Growth Story Hinges on Buyout Synergies, Bell Media StrugglesPer the Zacks analyst, Ziply Fiber acquisition boosts BCE's U.S. fiber reach, while a $1.5 billion AI portfolio powers enterprise growth. Weak advertising and subscriber revenues hurt Bell Media.

Assurant (AIZ) Gains on Solid Premiums Amid Escalating CostsPer the Zacks analyst, Assurant is set to grow on solid Global Lifestyle and Global Lifestyle segments, which will drive improvement in earned premiums and fees. However, high costs remain a concern.

Investments and Key Acquisitions Aid National Fuel Gas (NFG)Per the Zacks analyst, National Fuel Gas expands through strategic acquisitions. Its disciplined capital investments to enhance natural gas and oil operations is boosting total production.

New Upgrades

Inorganic Growth and Cost Reduction Supports UBS Group AG (UBS)Per the Zacks analyst, UBS Group's expanded operations through strategic partnerships and acquisitions reflects strong inorganic growth. Cost reduction initiatives further strengthen its financials.

Expeditors (EXPD) Continues to Gain From E-commerce GrowthPer the Zacks Analyst, e-commerce demand strength acts as a tailwind for growth of companies like Expeditors. Expeditors' strong financial position supports its growth-by-acquisition strategy.

Vista Energy (VISTA) Banks on Newly Completed Oil WellsThe Zacks analyst favors Vista Energy as its newly completed oil and gas wells are producing above expectations and are set to strengthen the company's overall performance.

New Downgrades

Lower Volumes, Higher Expenses Hurt Silgan's (SLGN) MarginsPer the Zacks analyst, lower volume will impact Silgan's top-line. Higher interest expenses are also concerning for the company.

Lower Volumes Weigh on TreeHouse Foods' (THS) Top LinePer the Zacks analyst, TreeHouse Foods is impacted by macroeconomic consumption trends, driving an 11.6% year-over-year decline in volume and mix in the third quarter of 2025.

Sluggishness in China Commerce Business Ails Alibaba (BABA)Per the Zacks analyst, Alibaba is suffering from weakening China Commerce business due to sluggish growth in online physical goods GMV at Taobao and Tmall marketplaces, and pandemic-led uncertainties.

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

Merck & Co., Inc. (MRK) : Free Stock Analysis Report

Netflix, Inc. (NFLX) : Free Stock Analysis Report

Medtronic PLC (MDT) : Free Stock Analysis Report

UBS Group AG (UBS) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Cumberland Pharmaceuticals Inc. (CPIX) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

The Monarch Cement Co. (MCEM): Free Stock Analysis Report

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

Zacks Investment Research

Vancouver, British Columbia–(Newsfile Corp. – December 19, 2025) – Pacific Bay Minerals Ltd. (TSXV: PBM) "Pacific Bay" or the "Company") reports that the Company's proposed acquisition of the Pereira Velho project in Alagoas State, Brazil, as initially disclosed on January 7th, 2025, will not be proceeding. The vendor, Appian Capital Advisory LLP, has optioned the property to another buyer.

"Pacific Bay remains upbeat on Brazil and continues to look for quality gold properties to acquire in that country," said PBM President & CEO David H. Brett. "We have assembled a highly skilled and experienced Brazil team and look forward to looking at new opportunities as they arise."

"The Company is also pleased with renewed investment interest in BC's Critical Minerals sector, particularly in the northwestern part of the province," continued David Brett. "PBM's 100% owned Haskins-Reed Critical Minerals project along Highway 37 in northwest BC positions the Company well to leverage surging metal prices and regional focus."

The Company also announces that the financing announced September 25, 2025 will not be proceeding.

About Pacific Bay Minerals Ltd.

Pacific Bay's flagship, 100% owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings, and significant exploration potential. The Company also owns 100% of the Weaver Gold project in southern BC and is seeking to acquire gold projects in Brazil.

The technical disclosures in this news release were reviewed and approved by David Bridge, P.Geo., a Qualified Person, as defined by National Instrument 43-101.

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

www.pacificbayminerals.com

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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278728

BHP (BHP) Chief Executive Mike Henry said that copper supply is going to get tighter until the end o

Vancouver, British Columbia–(Newsfile Corp. – December 18, 2025) – Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to announce that Teck Resources Limited ("Teck") has agreed to acquire, on a non-brokered private placement basis, 8,800,000 common shares in the capital of the Company (the "Common Shares") at a price of $0.45 per Common Share (the "Issue Price") for gross proceeds to the Company of $3,960,000 (the "Offering"), representing 9.9% of the Company's outstanding shares on a pro forma basis. The Offering constitutes a binding commitment by Teck, subject to customary conditions precedent, including receipt of all required regulatory approvals. The Issue Price represents a premium of 13% to the trailing 20-day volume weighted average price of the Company on the TSX Venture Exchange (the "Exchange") as of today's date.

"I look forward to welcoming Teck as a new shareholder and strategic partner of Intrepid," said Mark J. Morabito, Chief Executive Officer of Intrepid. "Teck's decision to make a cornerstone investment in the Company reflects the quality, scale potential and strategic relevance of our Corral Copper Project in Cochise County, Arizona. Corral has already delivered multiple broad, near-surface copper-gold-silver intercepts with locally high-grade intervals, and our ongoing work continues to refine and expand the Ringo, Earp, Holliday and Clanton zones while advancing our understanding of the broader mineral system and porphyry potential. With a committed, well-funded exploration program and the benefit of Teck's technical engagement through the technical committee, Intrepid will be positioned to systematically advance Corral and build long-term value for shareholders."

Proceeds from the Offering will be used to complete an initial 24-month exploration and development program at Corral (the "Committed Program"). The Committed Program is expected to include, among other work programs, a 50 line-kilometre induced polarization ("IP") survey, geological mapping and geochemical sampling, metallurgical and permitting work, and follow-up drilling designed to expand known zones and test new targets identified by Intrepid's integrated, multi-dataset targeting. Intrepid anticipates additional mapping, geophysics, geochemical sampling and drilling at Corral in H2 2026.

Upon closing of the Offering, the Company and Teck will enter into an investor rights agreement (the "Investor Rights Agreement"). Pursuant to the Investor Rights Agreement, and subject to customary conditions and ownership thresholds, Teck will have, among other rights: (i) participation rights in future equity financings to enable Teck to maintain its pro-rata interest in the Company for up to three years and, if exercised, to increase its ownership interest to up to 15% of the Company; (ii) the right to nominate two representatives to a four-person technical committee to provide technical oversight and collaboration with respect to the Corral Copper Project, with Teck holding a tie-breaking vote; (iii) certain information rights relating to the Corral Copper Project; and (iv) a right of first refusal, for a period of 30 months, on any proposed transfer of the Company's interest in the Corral Copper Project, subject to customary exclusions.

The Offering is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the Exchange. The Offering will close upon receipt of Exchange approval expected to be before the end of the year (the "Closing").

The Common Shares issued under the Offering will be subject to a statutory hold period under applicable securities laws in Canada expiring four months and one day from Closing.

Haywood Securities Inc. is acting as financial advisor and Farris LLP is acting as legal counsel to the Company.

About Corral Copper

The Corral Copper Property, located near historical mining areas, is an advanced exploration and development opportunity in Cochise County, Arizona. Corral is located 15 miles east of the famous mining town of Tombstone and 22 miles north of the historic Bisbee mining camp which has produced more than 8 billion pounds of copper1. Production from the Bisbee mining camp, or within the district as disclosed in the next paragraph, is not necessarily indicative of the mineral potential at Corral.

The district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons. Between 1950 and 2008, various companies explored parts of the district, but the effort was uncoordinated, non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. There is over 50,000m of historical drilling at Corral mainly centered on the Ringo, Earp and Holliday Zones and although this core has been destroyed, Intrepid has a historical digital drill hole archive database which the Company uses for the purposes of exploration targeting and drill hole planning. Intrepid, through ongoing exploration drilling and surface geological mapping, sampling and prospecting is increasing confidence in the validity of this data.

Intrepid is confident that by combining modern exploration techniques with historical data and with a clear focus on responsible development, the Corral Copper Property can quickly become an advanced exploration stage project and move towards development studies.

About Intrepid Metals Corp.

Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona, USA. The Company has acquired or has agreements to acquire several drill ready projects, including the Corral Copper Project (a district scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South Project (within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B in 20182, though mineralization at the Taylor Deposit is not necessarily indicative of the mineral potential at the Tombstone South Project) both of which are located in Cochise County, Arizona and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing, and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange (TSXV) under the symbol "INTR" and on the OTCQB Venture Market under the symbol "IMTCF". For more information, visit www.intrepidmetals.com.

INTREPID METALS CORP.On behalf of the Company"Mark Morabito"Chairman & CEO

For further information regarding this news release, please contact:

Mark Morabito, Chairman & CEO604-306-3835info@intrepidmetals.com

Notes

1 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website, on the City of Bisbee website (www.bisbeeaz.gov/2174/Bisbee-History) and from Briggs, D.F., 2015, History of the Warren (Bisbee) Mining District, Arizona Geological Survey Contributed Report CR-15-b, 8 p.

2 Details regarding the sale of the Taylor Deposit can be found in South32 News Release dated October 8, 2018 (South32 completes acquisition of Arizona Mining).

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to: the potential of Corral; the closing of the Offering; the timing of the closing of the Offering; the potential of Corral as an emerging copper asset in a highly prospective district; the potential for a porphyry discovery; the potential for previously unrecognized bulk-tonnage porphyry copper-gold discoveries close by; the exploration potential of the Corral Copper Property and the Company's other mineral projects; and potential future production.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of all necessary approvals for the Offering, including approval of the TSX Venture Exchange; the Company can raise additional financing to continue operations; the results of exploration activities, commodity prices, the timing and amount of future exploration and development expenditures, the availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to the ability to access infrastructure, risks relating to the failure to access financing, risks relating to changes in commodity prices, risk related to unanticipated geological or structural formations and characteristics risks related to current global financial conditions, risks related to current global financial conditions and the impact of any future global pandemic on the Company's business, reliance on key personnel, operational risks inherent in the conduct of exploration and development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278459

Graphene Manufacturing Group (TSXV:GMG) just put its graphene aluminium ion battery breakthrough front and center, highlighting full charges in under six minutes and a potential lithium free alternative that could matter for EVs, grids, and high demand devices.

See our latest analysis for Graphene Manufacturing Group.

The battery reveal has arrived alongside a powerful rebound in market sentiment, with a 30 day share price return of 65.71 percent feeding into a 176.19 percent year to date share price gain, even though the three year total shareholder return remains negative. This suggests that momentum is building, while the longer term risk profile is still front of mind.

If this kind of speculative breakthrough has your attention, it could be a good moment to see what else is emerging in high growth tech and AI stocks.

But with GMG still pre revenue, yet trading at a sharp premium to today’s fundamentals and a discount to analyst targets, are investors looking at a rare early stage buying opportunity, or is the market already discounting years of growth?

Price to Book of 20.6x, Is it justified?

GMG trades at CA$1.74, and the market is effectively valuing its equity at 20.6 times its book value, a clear premium to peers.

The price to book ratio compares the company’s market value to its net assets. It is a common yardstick for early stage, asset light innovators where earnings are still negative but the balance sheet underpins the story.

For GMG, a 20.6 times price to book suggests investors are paying well above the value of its current net assets in anticipation of future commercialisation of graphene based products and batteries, rather than what the company has already delivered financially.

That premium stands out sharply against the North American electrical industry average of 2.7 times. This implies GMG may need to translate its technology into meaningful revenue and profits over time to support a valuation multiple almost an order of magnitude higher than typical sector peers.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to Book of 20.6x (OVERVALUED)

However, GMG remains pre revenue and loss making, so any delay in commercialising its graphene products or battery tech could quickly puncture recent optimism.

Find out about the key risks to this Graphene Manufacturing Group narrative.

Another View on Value

While the market prices GMG at 20.6 times book, our DCF model paints a different picture. It suggests fair value around CA$5.21, which is roughly 66.6 percent above today’s CA$1.74 share price. Is the market still underestimating the long runway for graphene commercialisation?

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

GMG Discounted Cash Flow as at Dec 2025

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Graphene Manufacturing 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 908 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Build Your Own Graphene Manufacturing Group Narrative

If you see the story differently, or want to dig into the numbers yourself, you can build a custom view in under three minutes: Do it your way.

A great starting point for your Graphene Manufacturing Group research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.

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

Companies discussed in this article include GMG.V.

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

TORONTO, Dec. 18, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report Rob McEwen a cornerstone strategic investor has increased his direct ownership by exercising all of his warrants for total proceeds of $1,214,285. This exercise takes Rob’s direct ownership to 4,445,142 common shares of the Company representing 2.6% of the total issued and outstanding shares.

McEwen Inc. (TSX: MUX, NYSE: MUX) an additional cornerstone strategic investor holds 5,181,347 common shares in Goliath plus 2,590,673 warrants. These warrants have a strike price of $2.50 expiring March 10, 2026 representing $6,476,683 and if exercised, McEwen Inc. would own directly 7,772,020 of the Company or ~4.5%.

Roger Rosmus, Founder and CEO of Goliath, states: “We want to thank the continued support of all our cornerstone strategic and long term investors, specifically Rob McEwen for the exercise of his warrants. The funds received of $1,214,285 will further enhance and strengthen Goliath’s already healthy financial position.”

About Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has predictable continuity and good metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).

The Property is in a well positioned location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining) Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath recently completed its largest fully funded drill campaign to date for a total of 64,364 meters in 2025 and has 70 holes with assays pending. It is fully funded for another large (40k – 50k meter) drill program in 2026. The Company’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Rob McEwen, Eric Sprott and Larry Childress.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

QA/QC Protocol & Disclaimer

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain VG-NE or high-grade sulphide mineralization.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

In recent market developments, the S&P 500 and Dow Jones Industrial Average have experienced declines following a surprising rise in unemployment, while the Nasdaq managed to tick higher, breaking its losing streak. Amid these mixed signals from major indices and economic indicators, investors may find opportunities in stocks that are perceived to be undervalued relative to their intrinsic value. Identifying such stocks requires careful analysis of financial health and growth potential within the context of current market conditions.

Top 10 Undervalued Stocks Based On Cash Flows In The United States

Name	Current Price	Fair Value (Est)	Discount (Est)
UMB Financial (UMBF)	$118.98	$233.99	49.2%
Perfect (PERF)	$1.72	$3.43	49.9%
Krystal Biotech (KRYS)	$235.80	$469.93	49.8%
Freshworks (FRSH)	$12.39	$23.62	47.6%
FirstSun Capital Bancorp (FSUN)	$38.82	$73.56	47.2%
First Solar (FSLR)	$254.03	$482.71	47.4%
Dingdong (Cayman) (DDL)	$2.82	$5.45	48.3%
DexCom (DXCM)	$65.75	$127.60	48.5%
Columbia Banking System (COLB)	$28.95	$57.33	49.5%
Bloom Energy (BE)	$76.97	$148.02	48%

Click here to see the full list of 206 stocks from our Undervalued US Stocks Based On Cash Flows screener.

We’re going to check out a few of the best picks from our screener tool.

Ligand Pharmaceuticals

Overview: Ligand Pharmaceuticals Incorporated is a biopharmaceutical company that develops and licenses biopharmaceutical assets globally, with a market cap of approximately $3.83 billion.

Operations: The company’s revenue primarily comes from the development and licensing of biopharmaceutical assets, totaling $251.23 million.

Estimated Discount To Fair Value: 15.1%

Ligand Pharmaceuticals appears undervalued based on discounted cash flow analysis, trading at US$194.59 against an estimated fair value of US$229.31. Recent earnings showed a substantial improvement, with third-quarter revenue rising to US$115.46 million and net income reaching US$117.27 million from a loss previously. The company forecasts 2026 revenue between $245 million and $285 million, driven by royalty and Captisol sales, supporting its growth trajectory above the market average.

• The growth report we’ve compiled suggests that Ligand Pharmaceuticals’ future prospects could be on the up.

• Click here to discover the nuances of Ligand Pharmaceuticals with our detailed financial health report.

LGND Discounted Cash Flow as at Dec 2025Kroger

Overview: The Kroger Co. operates as a food and drug retailer in the United States with a market cap of approximately $40.38 billion.

Operations: The company’s revenue is primarily derived from its retail operations, which generate $147.23 billion.

Estimated Discount To Fair Value: 15.1%

Kroger, trading at US$63.81, is undervalued based on discounted cash flow analysis with a fair value estimate of US$75.14. Despite a forecasted significant earnings growth rate of 30.4% annually over the next three years, recent financials reveal challenges including a net loss of US$1.32 billion in Q3 2025 and declining profit margins from last year. Additionally, Kroger faces regulatory scrutiny due to infant formula recalls impacting store operations and legal issues related to patent infringement claims.

• Insights from our recent growth report point to a promising forecast for Kroger’s business outlook.

• Take a closer look at Kroger’s balance sheet health here in our report.

KR Discounted Cash Flow as at Dec 2025Sociedad Química y Minera de Chile

Overview: Sociedad Química y Minera de Chile S.A. is a global producer and seller of specialty plant nutrients and iodine derivatives, with a market cap of approximately $18.83 billion.

Operations: The company’s revenue segments include Lithium and Derivatives ($2.08 billion), Iodine and Derivatives ($996.40 million), Specialty Plant Nutrition ($957.03 million), Potassium ($182.60 million), and Industrial Chemicals ($74.26 million).

Estimated Discount To Fair Value: 36.7%

Sociedad Química y Minera de Chile, trading at US$65.92, is undervalued with a fair value estimate of US$104.17 based on discounted cash flow analysis. Recent earnings show strong performance with Q3 sales of US$1.17 billion and net income rising to US$178.42 million from last year’s figures. Despite high debt levels, the company benefits from robust growth forecasts in revenue and profit, supported by strategic partnerships like the one approved with Codelco in China’s lithium market.

• Upon reviewing our latest growth report, Sociedad Química y Minera de Chile’s projected financial performance appears quite optimistic.

• Navigate through the intricacies of Sociedad Química y Minera de Chile with our comprehensive financial health report here.

SQM Discounted Cash Flow as at Dec 2025Summing It All Up

• Get an in-depth perspective on all 206 Undervalued US Stocks Based On Cash Flows by using our screener here.

• Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks.

• Streamline your investment strategy with Simply Wall St’s app for free and benefit from extensive research on stocks across all corners of the world.

Contemplating Other Strategies?

• Explore high-performing small cap companies that haven’t yet garnered significant analyst attention.

• Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence.

• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.

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 LGND KR and SQM.

This article was originally published by Simply Wall St.

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

Passive investing in index funds can generate returns that roughly match the overall market. But you can significantly boost your returns by picking above-average stocks. To wit, the Sociedad Química y Minera de Chile S.A. (NYSE:SQM) share price is 75% higher than it was a year ago, much better than the market return of around 14% (not including dividends) in the same period. So that should have shareholders smiling. On the other hand, longer term shareholders have had a tougher run, with the stock falling 20% in three years.

So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.

AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part – they are all under $10bn in marketcap – there is still time to get in early.

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

Sociedad Química y Minera de Chile went from making a loss to reporting a profit, in the last year.

When a company has just transitioned to profitability, earnings per share growth is not always the best way to look at the share price action.

Unfortunately Sociedad Química y Minera de Chile's fell 9.2% over twelve months. So using a snapshot of key business metrics doesn't give us a good picture of why the market is bidding up the stock.

You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).

NYSE:SQM Earnings and Revenue Growth December 18th 2025

Sociedad Química y Minera de Chile is a well known stock, with plenty of analyst coverage, suggesting some visibility into future growth. If you are thinking of buying or selling Sociedad Química y Minera de Chile stock, you should check out this free report showing analyst consensus estimates for future profits.

A Different Perspective

We're pleased to report that Sociedad Química y Minera de Chile shareholders have received a total shareholder return of 75% over one year. That's including the dividend. That's better than the annualised return of 10% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. It's always interesting to track share price performance over the longer term. But to understand Sociedad Química y Minera de Chile better, we need to consider many other factors. For instance, we've identified 2 warning signs for Sociedad Química y Minera de Chile (1 is a bit concerning) that you should be aware of.

But note: Sociedad Química y Minera de Chile may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.

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

This article first appeared on GuruFocus.

Market participants are weighing a cautiously constructive signal from iron ore prices against increasingly soft demand data from China, with BHP Group (NYSE:BHP) sitting at the center of the narrative. Futures edged higher for a second straight session, with Singapore iron ore contracts rising 0.5% to $103.05 a ton at 11:30 a.m. local time, while yuan-denominated contracts in Dalian advanced and Shanghai steel futures delivered mixed signals. The recent price action suggests iron ore has been holding within a relatively tight range, even as seasonal softness begins to emerge across the steel complex.

• Warning! GuruFocus has detected 6 Warning Signs with BHP.
• Is BHP fairly valued? Test your thesis with our free DCF calculator.

That resilience contrasts with demand indicators that continue to weaken. China's steel consumption remains pressured by sluggish construction activity, with new property starts which account for roughly a third of total steel demand down about 21% over the first 11 months of the year. Infrastructure spending, another important source of steel demand, edged lower on a month-on-month basis in November. These dynamics point to a challenging backdrop for consumption, raising questions about how long prices can remain supported without a meaningful improvement in end-user demand.

Support so far appears to be coming from the supply side rather than demand fundamentals. An ongoing pricing dispute between state-backed trader China Mineral Resources Group Co. and BHP Group has fueled concerns around near-term market tightness, helping iron ore prices remain relatively resilient. Even so, expectations for downside risks persist, particularly as demand headwinds intensify and additional supply is expected from Guinea's Simandou project. Australia's Westpac Banking Corp. noted that the gap between rising Australian steelmaking input costs and falling Chinese steel prices has widened to its largest level since mid-2024, a configuration that could increase the probability of a broader price correction over time.

It is not surprising that before an earnings season, every investor looks for stocks that can beat market expectations. This is because investors always try to position themselves ahead of time and look to tap stocks that are high-quality in nature.

In this regard, we ran a screener that yielded stocks Dollar Tree DLTR, Teck Resources TECK, Allstate ALL, Ciena CIEN and Robinhood Markets HOOD as the likely winners on the earnings beat potential.

Why Is a Positive Earnings Surprise So Important?

Historically, stocks of companies with solid quarterly earnings (on a nominal basis) tank if they miss or merely meet market expectations. After all, a 20% earnings rise (though apparently looks good) doesn’t tell you if earnings growth has been exhibiting a decelerating trend.

Also, seasonal fluctuations come into play sometimes. If a company’s Q1 is seasonally weak and Q4 strong, then it is likely to report a sequential earnings decline. In such cases, growth rates are misleading while judging the true health of a company.

On the other hand, after much brainstorming and analysis of companies’ financials and initiatives, Wall Street analysts project the earnings of companies. They, in fact, club their insights and a company’s guidance when deriving an earnings estimate.

Thus, outperforming that estimate is almost equivalent to beating the company’s own expectation as well as the market perception. And if the margin of earnings surprise is big, it typically drives the stock higher right after the release. Thus, more than anything else, an earnings surprise can push a stock higher.

How to Find Stocks that Can Beat?

Now, finding stocks that have the potential to beat on the bottom line may be investors’ dream but not an easy job. One way to do this is to look at the earnings surprise history of the company.

An impressive track in this regard generally acts as a catalyst in sending a stock higher. It indicates the company’s ability to surpass estimates. And investors generally believe that the company will apply the same secret sauce to execute yet another earnings beat in its next release.

The Winning Strategy

In order to shortlist stocks that are likely to come up with an earnings surprise, we chose the following as our primary screening parameters.

Last EPS Surprise greater than or equal to 10%: Stocks delivering positive surprise in the last quarter tend to surprise again.

Average EPS Surprise in the last four quarters greater than 20%: We lifted the bar for outperformance slight higher by setting the average earnings surprise for the last four quarters at 20%.

Average EPS Surprise in the last two quarters greater than 20%: This points to a more consistent surprise history and makes the case for another surprise even stronger.

In addition, we place a few other criteria that push up the chance of a positive surprise.

Zacks Rank less than or equal to 2: Only companies with a Zacks Rank #1 (Strong Buy) or 2 (Buy) rating can get through.

Earnings ESP greater than zero: A stock needs to have both a positive Earnings ESP and a Zacks Rank of #1, 2 or 3 for an earnings beat to happen, as per our proven model.

In order to zero in on those that have long-term growth potential and high trading liquidity we have added the following parameters too:

Next 3–5 Years Estimated EPS Growth (Per Year) greater than 10%: Solid expected earnings growth exhibits the stock’s long-term growth prospects.

Average 20-day Volume greater than 100,000: High trading volume implies that the stocks have adequate liquidity.

A handful of criteria has narrowed down the universe from over 7,700 stocks to only 11.

Here are five out of 11 stocks:

Dollar Tree: The Zacks Rank #2 company is an operator of discount variety stores offering merchandise and other assortments. You can see the complete list of today’s Zacks #1 Rank stocks here.

The average earnings surprise of DLTR for the past four quarters is 29.08%.

Teck Resources: The Zacks Rank #2 company is committed to mining and mineral development with business units focused on copper and zinc. The TECK stock has a Zacks Rank #2.

The average earnings surprise of TECK for the past four quarters is 50.26%.

Allstate: The Zacks Rank #1 company is the third-largest property-casualty insurer and the largest publicly held personal lines carrier in the United States.

The average earnings surprise of ALL for the past four quarters is 47.29%.

Ciena: Ciena Corporation is a leading provider of optical networking equipment, software and services. The stock has a Zacks Rank #1.

The average earnings surprise of CIEN for the past four quarters is 22.98%.

Robinhood Markets: The company is a financial services company. It offers trading services in crypto, stocks, options, exchange-traded funds, cash management, margin and securities lending, and Robinhood Gold.The stock has a Zacks Rank #1.

The average earnings surprise of HOOD for the past four quarters is 25.75%.

You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.

The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.

Click here to sign up for a free trial to the Research Wizard today.

Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.

Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.

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

Dollar Tree, Inc. (DLTR) : Free Stock Analysis Report

Ciena Corporation (CIEN) : Free Stock Analysis Report

The Allstate Corporation (ALL) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report

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

Zacks Investment Research

Calgary, Alberta–(Newsfile Corp. – December 17, 2025) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") is pleased to share that Teck Resources Limited ("Teck") and Anglo American plc ("Anglo") have received regulatory approval from the Government of Canada under the Investment Canada Act for the "merger of equals."

Industry Minister Mélanie Joly has approved the $53-billion Anglo Teck mega-merger, clearing the way for the creation of one of the world's largest copper producers following the overwhelming endorsement of both Teck's and Anglo's shareholders last week. The merger previously received approval under national security grounds in November, and lawmakers still needed to conclude that the deal would deliver a net economic benefit to Canada under tightened takeover rules.

Elmer B. Stewart, President and CEO of Copper Fox said: "The Government of Canada's approval is an important step forward in the formation of Anglo Teck which will be headquartered in British Columbia, a strong mining jurisdiction in Canada. With Anglo Teck committing to investments of at least C$4.5 billion in Canada within 5 years and within those investments including advancing the development of the Schaft Creek copper project, a project which Copper Fox holds a 25% carried interest in with Teck, the Company looks forward to the potential benefits for communities, Indigenous Peoples, employees and all stakeholders."

While the merger has secured key approvals in Canada and Australia, regulatory reviews continue elsewhere and the full approval process could take up to 18 months. Regulators in Europe, Japan, South Korea, the US, Chile and China are examining the deal over antitrust concerns, including whether too much market power would be concentrated in one company. Anglo Teck would control just under 5% of the global copper market.

About Copper FoxCopper Fox is a Canadian resource company focused on copper development and exploration in the United States and Canada. Copper Fox and its subsidiaries own 100% of the Van Dyke ISCR project, a development stage, potential near term, mid-size copper mine in Arizona and a 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited (75% interest and Operator) which hosts the Schaft Creek copper-gold-molybdenum-silver project, expected to transition from the Scoping to the PFS stage in 2026, in British Columbia's Golden Triangle. In addition, Copper Fox owns 100% of the resource stage Eaglehead polymetallic porphyry copper project in northwestern British Columbia and the Sombrero Butte and Mineral Mountain advanced exploration stage porphyry copper projects located in the prolific Laramide age copper province in Arizona. For more information on Copper Fox's mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

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

On behalf of the Board of Directors

Elmer B. StewartPresident and Chief Executive Officer

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.

Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "budgets", "could", "estimates", "expects", "forecasts", "projects", and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements about: the Teck/Anglo merger; advancing the development of the Schaft Creek copper project.

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

Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: the Teck/Anglo merger may not happen; advancing the development of the Schaft Creek project may not happen; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278233

Wall Street futures were declining premarket Tuesday pending the release of key US economic data, in

This article first appeared on GuruFocus.

Canadian authorities have moved the Anglo AmericanTeck Resources (NYSE:TECK) transaction another step closer to completion, approving the deal under the Investment Canada Act and reinforcing the path toward the creation of a roughly $50 billion copper-focused mining group. The decision formalizes commitments first outlined in September and follows shareholder approval from both companies within the past week. Teck Chief Executive Officer Jonathan Price characterized the approval as a meaningful milestone in establishing Anglo Teck as a new global critical minerals platform headquartered in Canada.

• Warning! GuruFocus has detected 8 Warning Signs with TECK.

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The agreement, reached around three months ago, would provide Anglo American (AAL) with expanded exposure to Teck's copper assets in Chile and Peru at a time when copper prices are hovering near record levels. Anglo's copper portfolio has already attracted industry attention, with the company having previously turned away two approaches from BHP Group earlier this year. While Teck's copper base has long been viewed as strategically valuable, its Quebrada Blanca mine in northern Chile has faced operational issues, alongside Anglo's nearby Collahuasi operation.

As part of the approval process, the companies reiterated and strengthened governance and investment commitments tied to Canada. The new headquarters will be located in Vancouver, two-thirds of senior executives will primarily reside in Canada, and the board will have 50% Canadian representation for seven years, according to Industry Minister Melanie Joly. The companies said the deal would secure roughly 4,000 domestic jobs, pursue inclusion in major Canadian stock indexes, and involve at least C$4.5 billion in Canadian spending over five years, with total investment of at least C$10 billion over 15 years linked to copper projects and existing assets. The transaction is structured as a share exchange of 1.3301 Anglo shares for each Teck share, which both companies have previously described as a zero-premium deal.

By Divya Rajagopal

TORONTO, Dec 16 (Reuters) – Canada's swift approval of the $53 billion merger between British miner Anglo American and Canada's Teck Resources signals a push to attract investment to offset ​the impact of U.S. tariffs, dealmakers told Reuters.

Late Monday night, Melanie Joly, Canada's Innovation, Science, and ‌Economic Development Minister, said that Canada has approved the all-share buyout of Teck Resources by Anglo American under the Investment Canada Act, ‌clearing a regulatory hurdle to create a global copper heavyweight.

Joly said in a statement that the deal benefits Canada. Her office did not respond to further requests for comment.

Canada approved the deal in about three months, much faster than normal for mergers of this size in the mining sector.

The rapid approval signals a significant shift in Ottawa's ⁠approach to foreign takeovers, particularly in ‌the sensitive critical minerals sector. Analysts say the government is prioritizing attracting capital over lengthy reviews as it contends with the challenging trade environment created by U.S. President ‍Donald Trump.

Anglo-Teck said it made a series of concessions to the government, including a commitment to spend C$4.5 billion in Canada within five years.

Canadian lawyers said the faster approval is part of Prime Minister Mark Carney's efforts to show the world ​that Canada is open for business.

"Business investments follow one truth – minimise uncertainty," said Calvin Goldman, the former head ‌of Canada's Competition Bureau, who now runs his own advisory firm on national security reviews and foreign investment in Canada. "And what the Canadian government is trying to signal with this assessment is that it will reduce uncertainty; it sends a good message," Goldman added.

The Investment Canada Act, which guides approvals for mergers and acquisitions in the country, established a high bar for approving deals involving critical minerals.

Canada took eight months in 2024 ⁠to approve Glencore's $7 billion acquisition of miner Teck Resources' steelmaking ​coal unit with strict conditions to preserve jobs.

Joly's predecessor had said ​Canada would approve any deals involving critical minerals only under "exceptional circumstances."

"Those statements from the previous minister were made before Canada faced the daunting economic challenges as a result of the ‍tariff war," said Sandy ⁠Walker, partner at Dentons Canada.

"This government now seems highly motivated to encourage investment and economic activity," Walker added.

However, in Canada, the popular opinion toward foreign ownership of mining companies remains contentious.

A poll conducted by ⁠Ipsos in October this year found that most Canadians believed that the federal government should ensure foreign buyers are not able to ‌purchase Canadian companies in the natural resources sector, such as mining, oil and gas.

(Divya Rajagopal ‌in Toronto; Editing by Caroline Stauffer and Lisa Shumaker)

The federal government has signed off on the merger between Teck Resources Ltd. and Anglo American PLC, despite securing little further in concessions that would benefit Canada.

Federal Industry Minister Mélanie Joly said late Monday that the government had determined the deal is a net positive to the country.

"This merger is a significant win for Vancouver, British Columbia, and Canadians across the country," she said in a statement on social media.

Joly had previously suggested that the terms as proposed weren't good enough and that the government would be pushing for more.

A spokesperson for the minister declined to answer questions on why the government had approved the deal without securing further benefits.

Teck said in a release that the commitments set out in September when the deal was first announced have been further defined into a set of binding commitments under the Investment Canada Act.

"Establishing Anglo Teck here in Vancouver is wholly aligned with government’s economic focus and will help to further elevate Canada’s role and impact on the global critical minerals stage," said chief executive Jonathan Price.

Anglo and Teck's binding commitments include that the global headquarters of the company will forever be in Canada, as will a significant majority of senior management and board of directors.

The deal also has the new company committing to spend at least $4.5 billion in Canada over the next five years, though Teck itself has already approved about half of that after previously green-lighting the $2.4 billion Highland Valley Copper mine life extension.

The companies will also spend up to $850 million on critical minerals processing at Teck's Trail Operations, an increase from an initial commitment of up to $750 million.

Other spending includes up to $750 million to advance development of the Galore Creek and Schaft Creek copper projects.

The companies will also "cause" spending to be made of at least $300 million in Canadian critical mineral exploration and technology and $100 million on a critical minerals institute and skills training.

Taken all together, Teck says it will mean the combined company is set to spend at least $10 billion in Canada over 15 years.

Both the speed of the approval, and the lack of further benefits, caught some analysts by surprise.

"We had previously noted that this approval could be difficult to obtain without further concessions to the Canadian Government," said National Bank analyst Shane Nagle in a note.

"Industry Minister Mélanie Joly repeatedly told reporters that her decision on whether to approve or reject the Teck deal could take months and was clear that promises made by Anglo to maintain corporate headquarters and invest in Canada did not go far enough."

As recently as Dec. 9, after shareholders voted in favour of the deal, Nagle warned that a federal decision could still be months away as similar reviews have often stretched for six months or longer.

With Ottawa's decision in, the largest obstacles have been cleared, though it still requires approval from regulators in Europe, Japan, South Korea, the United States, Chile and China around antitrust concerns, said Nagle.

"With approval under the Investment Canada Act, and BHP dropping out of making an offer for Anglo, the chances of the merger being completed increase significantly."

Anglo American CEO Duncan Wanblad, who will stay in the role at the combined company, said in a statement that the deal represents a significant investment in Canada.

"We are all committed to preserving and building on the proud heritage of both companies, in Canada, as home to Anglo Teck’s global headquarters."

This report by The Canadian Press was first published Dec. 16, 2025.

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

Ian Bickis, The Canadian Press

An aerial view of Teck Resources' Highland Valley Copper Mine in British Columbia.
(Credit: THE CANADIAN PRESS/Darryl Dyck)

The Canadian government has approved Vancouver-based Teck Resources Ltd.’s merger with Anglo American PLC, which will create a major copper producer with operations centred in the Americas.

The new company, to be called Anglo Teck, will keep its primary listing in London rather than in Canada — it will keep a listing on the Toronto Stock Exchange — but its headquarters will be in Vancouver; a compromise that helped the two companies win approval for their merger under the Investment Canada Act.

The deal involving Canada’s largest miner of copper, a key metal for electrification, has been closely watched by investors because the federal government has promised to raise a high bar before approving any foreign takeovers or mergers of critical minerals companies.

In recent years, many Canadian mining executives have complained that foreign takeovers of domestic companies mean that many of the country’s largest mines are controlled by executives in other countries and have few connections to Canada.

Industry Minister Mélanie Joly called the Anglo American-Teck deal “a merger of equals” and a “significant victory” for Canadians.

“It is an unequivocal endorsement of the federal government’s efforts to build the strongest economy in the G7,” she said in a statement on Tuesday.

Joly also said the companies made a series of legally binding commitments, such as maintaining Teck’s current employment levels within Canada, amounting to about 4,000 jobs; making sure 66 per cent of the senior executives must primarily reside in Canada and pay taxes there; and having 50 per cent Canadian representation on the board for seven years and 33 per cent thereafter.

She said that will keep management oversight and decision-making in Canada “in perpetuity regardless of any future transactions.”

The companies also committed to invest $4.5 billion in Canada over the next five years and $10 billion over the next 15 years. The new entity will also proceed with an extension of the Highland Valley Copper Mine in British Columbia and make enhancements to its smelter in Trail, B.C.

The Canadian government’s approval under the Investment Canada Act came about one week after shareholders of both companies voted overwhelmingly in favour of the deal. A number of trade organizations, including the Greater Vancouver Board of Trade, British Columbia Chamber of Commerce and Mining Association of British Columbia, have strongly supported it.

The merged company also will have assets in Chile, Peru, Brazil, South Africa, Australia and other countries.

The deal still needs to gain additional regulatory approvals, including in other counties, which could take months.

Under the proposed new company, Teck chief executive Jonathan Price will become deputy CEO, while Anglo chief executive Duncan Wanblad will retain his title.

From the beginning, the companies said the deal would create strong synergies because both control stakes in major copper mines adjacent to one another in Chile and could share certain assets. By putting them together, the companies could produce an additional 175,000 tonnes of copper per year and increase their annual earnings before interest, taxes, depreciation and amortization by $1.4 billion.

• Shareholders approve Anglo American's $27-billion merger with Teck Resources
• Anglo and Teck could still work together if deal falls apart, Anglo CEO says

The companies said they also expect an additional $800 million in recurring synergies.

Wanblad has said the new company will maintain ties to both Canada and South Africa, where Anglo American was founded.

“We are all committed to preserving and building on the proud heritage of both companies, in Canada, as home to Anglo Teck’s global headquarters, in South Africa, where our commitment to investment and national priorities endures, and across our entire global operational and commercial footprint,” he said in a statement.

• Email: gfriedman@postmedia.com

Teck Resources and Anglo American late on Monday said it has received regulatory approval from the government of Canada under the Investment Canada Act for their merger of equals.

The deal is expected to establish a global critical minerals company headquartered in Canada.

The combined company, to be named Anglo Teck, has committed to spend at least C$4.5 billion in Canada within five years, including in connection with the Highland Valley Copper mine life extension, boosting critical minerals processing capacity at Trail, and advancing the development of the Galore Creek and Schaft Creek copper projects in British Columbia.

These projects will allow Anglo Teck to spend at least C$10 billion in total over 15 years.

The merger was approved by each company's shareholders at meetings held on Dec. 9. Deal completion is subject to customary conditions, including necessary regulatory approvals.

The merger has received competition approvals in Canada and Australia, with other reviews in progress.

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To own Graphene Manufacturing Group today, you really have to believe that its graphene aluminium‑ion battery can graduate from lab success to commercial product before the company’s thin A$237,672 revenue base and ongoing A$8.57 million annual losses bite too hard. The latest six‑minute full‑charge announcement and 2026–2027 testing and production timeline sharpen the near‑term story: catalysts now lean more toward battery milestones and customer trials than incremental sales of THERMAL‑XR and G‑LUBRICANT. At the same time, the stock’s very large 1‑year return suggests a lot of this optimism may already be reflected in the price, even as auditors highlight going‑concern risks and recent dilution and insider selling remind investors how dependent GMG remains on external funding. The news lifts the opportunity, but it also raises the execution bar.

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

Companies discussed in this article include GMG.V.

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TORONTO, Dec. 16, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the "Company" or "Goliath") is pleased to announce that it has mailed the meeting materials in connection with its annual and special meeting of shareholders of the Company to be held on January 14, 2026 (the “Meeting”). The Meeting materials, including the management information circular dated November 30, 2025 (the “Circular”), are available under the Company’s profile on www.SEDARPLUS.ca and on the Company’s website at https://goliathresourcesltd.com/. At the Meeting, among other things, shareholders will be asked to consider a resolution approving a consolidation (the “Consolidation Proposal”) of the Company’s issued and outstanding common shares (the “Common Shares”) on the basis of one (new) for up to seven (old) Common Shares (up to 1:7). Approval of the Consolidation Proposal will provide the Board of Directors (the “Board”) with the discretion to determine the actual consolidation basis within this range. Please note that if the Consolidation Proposal is approved, no more than one consolidation will take place – there will be no successive consolidations without the further approval of shareholders. Furthermore, approval of the Consolidation Proposal does not mean that a Common Share consolidation will occur, as the Board will have the discretion not to proceed with the Consolidation Proposal if it is deemed to be in the best interests of the Company not to do so.

The potential benefits of the Consolidation include:

(a)   attracting greater investor interest – the Consolidation may have the effect of raising, on a proportionate basis, the price of the Company’s Common Shares, which could appeal to certain investors that find shares valued above certain prices to be more attractive from an investment perspective;

(b)   increasing institutional investor participation – certain institutional investors have internal guidelines which prevent them from investing in small- or micro-cap stocks, regardless of the strength of the operations and management of the target investee company;

(c)   providing greater flexibility in business opportunities – the Company believes that the Consolidation may provide the Company with greater flexibility in considering business opportunities that are affected by the share capital of the Company and pricing of warrants and options;

(d)   complying with listing criteria for U.S. stock exchanges that require a certain minimum price per share should the Company pursue a new listing; and

(e)   improving the prospects of raising additional capital at a higher price per share – the higher anticipated price of the post-consolidation Common Shares may allow the Company to raise additional capital through the sale of additional Common Shares at a higher price per Common Share than would be possible in the absence of the Consolidation.

Proposed Consolidation Ratios

As of today’s date, the Company has 171,754,056 Common Shares issued and outstanding. Following the completion of the proposed Consolidation, the number of Common Shares of the Company issued and outstanding will depend on the ratio selected by the Board of Directors. The following table sets out the appropriate number of Common Shares that would be outstanding as a result of the Company at the ratios suggested below.

Selected Proposed Consolidation Ratios	Approximate Number of Outstanding Common Shares(Post Consolidation)(1) (2)
1 (new) for 2 (old)	85,877,028
1 (new) for 3 (old)	57,251,352
1 (new) for 4 (old)	42,938,514
1 (new) for 5 (old)	34,350,811
1 (new) for 6 (old)	28,625,676
1 (new) for 7 (old)	24,536,294

Notes:

(1)  The exact number of Common Shares outstanding after the consolidation will vary based on the elimination of fractional shares, and certain other factors.(2)  Based on the number of outstanding Common Shares as at the date hereof, being 171,754,056 Common Shares.

The Board is recommending that shareholders approve the Consolidation Proposal at the Meeting. The Company is not expected to change its name or trading symbol in conjunction with the Consolidation Proposal. All outstanding convertible securities such as stock options, RSUs and warrants will also be affected by the Consolidation Proposal, if approved.

The Board proposes to reduce the number of Common Shares of the Company in order to increase its flexibility with respect to potential business transactions, if determined by the Board of Directors to be necessary and/or desirable. Please see the Circular for more information in regard to the Consolidation Proposal. The Consolidation is subject to the approval of the shareholders of the Company, any required regulatory approvals as well as the approval of the TSX Venture Exchange.

About Goliath Resources Limited

Goliath is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Mr. Rob McEwen, a Global Commodity Group based in Singapore, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:

Goliath Resources Limited

Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887 roger@goliathresources.comwww.goliathresourcesltd.com

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Consolidation Proposal (including the completion of the Consolidation Proposal on the terms and timeline as announced or at all and the timing to implement the Consolidation Proposal), and the Company’s ability to obtain all regulatory approvals, including the approval of the Exchange. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.  

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.