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Aftermath Silver Ltd. (V.AAG) Hit a new 52-Week High of $1.165. Aftermath announced last week it has completed the acquisition of the Berenguela silver-copper-manganese project

Barrick Mining Corporation (T.ABX) Hit a new 52-Week High of $68.67. Monday, the headline was “Gold skies to new all-time high as Federal Reserve threat rattles markets.”

Agnico Eagle Mines Limited (T.AEM) Hit a new 52-Week High of $275.71. Last Friday, Agnico Eagle rose 2.5% on volume of 1,462,175 shares Alphamin Resources Corp. (V.AFM) Hit a new 52-Week High of $1.31. Last Monday, Alphamin announced that Paul Baloyi has resigned as a director of the Company effective January 31, 2026

Altius Minerals Corporation (T.ALS) Hit a new 52-Week High of $45.10. Last week, Altius updated its Project Generation business activities and its public junior equities portfolio. The market value of equities in the portfolio at December 31, 2025 was $49.3 million, compared to $44.0 million at September 30, 2025. Net portfolio investment of approximately $1.3 million was completed during the quarter.

Arizona Sonoran Copper Company Inc. (T.ASCU) Hit a new 52-Week High of $5.33. Arizona Sonoran announced it had been granted the Dust Permit from the Pinal County Air Quality Division and based on the Pre-Feasibility Study issued in November 2025.

Amerigo Resources Ltd. (T.ARG) Hit a new 52-Week High of $5.31. Last week, Amerigo said its Board of Directors declared a performance dividend in the amount of Cdn$0.05 per share, payable on January 15, 2026, to shareholders of record as of December 17, 2025.

Centerra Gold Inc. (T.CG) Hit a new 52-Week High of $22.13. The Company will host a conference call and webcast to discuss the results on Friday February 20, at 9:00 a.m. Eastern Time.

Canada Nickel Company Inc. (V.CNC) Hit a new 52-Week High of $1.82. Canada Nickel announced an updated mineral resource estimate for its 100% owned Reid Nickel Sulphide Project located near Timmins, Ontario. Measured & Indicated Resource: Increased 46% to 2.1 million tonnes contained nickel (0.87 billion tonnes @ 0.23% Ni), including a higher-grade domain of 0.77 billion tonnes @ 0.25% Ni.

Diversified Royalty Corp. (T.DIV) Hit a new 52-Week High of $3.91. Diversified Royalty has approved a cash dividend of $0.02375 per common share for the period of January 1, 2026 to January 31, 2026, which is equal to $0.285 per common share on an annualized basis.

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DPM Metals Inc. (T.DPM) Hit a new 52-Week High of $47.46. DPM has filed a technical report for its Coka Rakita gold project in Serbia

New Earth Resources Corp. (C.EATH) Hit a new 52-Week High of 86 cents. Late last week, New Earth outlined its planned exploration program for the SL Project, a property prospective for rare earth elements in the Strange Lake area of Quebec.

Endurance Gold Corporation (V.EDG) Hit a new 52-Week High of 39 cents. Late last week, Endurance announced, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation, it has engaged Generation IACP Inc. to provide market making services with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares.

Endeavour Silver Corp. (T.EDR) Hit a new 52-Week High of $14.67. Late last week, the company announced the production of 6,486,661 oz of silver and 37,164 oz of gold in 2025.

Canoe EIT Income Fund Trust Units (T.EIT.UN) Hit a new 52-Week High of $16.12. Early last week, Canoe announces the January 2026 monthly distribution of $0.10 per unit. Unitholders of record on January 22, 2026, will receive distributions payable on February 13, 2026.

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

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

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

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

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

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

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

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

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

Shares of Abivax were up 5% in Paris.

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

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

BBVA declined to comment to MT Newswires.

Shares of BBVA increased 1.8% in Madrid.

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

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

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

Shares of HSBC were up 0.7% in London.

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

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

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

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

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

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

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

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

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

First Quantum Minerals Ltd. (FQVLF) : Free Stock Analysis Report

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

Zacks Investment Research

This article first appeared on GuruFocus.

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

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

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

Gold capped an exceptional 2025 with one of its strongest annual performances in decades. According to the World Gold Council, throughout the calendar year, gold achieved more than 50 all-time highs and returned over 60%. Persistent geopolitical uncertainty, aggressive central-bank purchases and growing expectations of interest-rate cuts fueled steady inflows into the safe-haven asset, making gold a clear outperformer across global markets.

That momentum carried into 2026, culminating in gold hitting a record high on Jan. 12. The rally was underpinned primarily by rising geopolitical risks that kept investors on edge. Renewed tensions in the Middle East, alongside concerns around Iran and broader global flashpoints, increased demand for assets perceived as stores of value during periods of instability. In such environments, gold traditionally benefits as investors seek protection from sudden market shocks.

Gold also surged in the session as the Justice Department’s threat against the Fed revived fears over the central bank’s independence, undermining confidence in U.S. institutions. The episode raised policy uncertainty, weakened the dollar outlook and drove investors toward gold as a safe-haven asset. Bullion climbed close to $4,600 an ounce and silver neared a record after Fed Chair Jerome Powell said the indictment threat reflected broader pressure on the central bank. In such an environment, stocks like Harmony Gold Mining Company Limited HMY, Agnico Eagle Mines Limited AEM, Royal Gold, Inc. RGLD and Kinross Gold Corporation KGC emerge as viable safe-haven options.

Economic signals from the United States have been playing a crucial role. Softer-than-expected labor market data and signs of slowing growth strengthened expectations that the Fed could begin cutting interest rates later in 2026. Lower interest rates slash the opportunity cost of holding non-yielding assets like gold, making bullion more attractive relative to bonds and other interest-bearing instruments. These expectations were quickly reflected in higher gold prices.

Central-bank demand continued to provide a strong structural support. After heavy purchases throughout 2025, several central banks maintained their gold buying into early 2026 as part of efforts to diversify reserves away from the U.S. dollar and hedge against currency and geopolitical risks. This sustained official-sector demand tightened supply and reinforced bullish sentiment in the market.

Unlike stocks or bonds, gold does not generate income, and it pays no interest or dividends. Therefore, when interest rates are high, investors can earn better returns by holding fixed-income assets, making gold less appealing. Conversely, when rates fall, the opportunity cost of holding gold declines. With bond yields and savings returns offering less reward, investors are more willing to allocate money into non-yielding assets like gold, driving up demand and prices.

Our Choices

The stocks below flaunt a Zacks Rank #1 (Strong Buy) or #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Harmony Gold is a South Africa-based gold mining and exploration company that engages in the exploration, extraction and processing of gold and other minerals. HMY’s expected earnings growth rate for the current year is 111%. The Zacks Consensus Estimate for its current-year earnings has improved 0.8% over the past 60 days. HMY has a Zacks Rank #2.

Agnico Eagle Mines is a global gold mining company engaged in the exploration, development and production of gold. AEM’s expected earnings growth rate for the current year is 86.1%. The Zacks Consensus Estimate for its current-year earnings has improved 2.1% over the past 60 days. AEM has a Zacks Rank #1.

Royal Gold is a Denver-based precious metals royalty and streaming company. RGLD’s expected earnings growth rate for the current year is 52.9%. The Zacks Consensus Estimate for its current-year earnings has improved 1% over the past 60 days. RGLD has a Zacks Rank #1.

Kinross Gold is a gold mining company focused on the exploration, development and production of gold from mines across the Americas and West Africa. KGC’s expected earnings growth rate for the current year is 147.1%. The Zacks Consensus Estimate for its current-year earnings has improved 7.7% over the past 60 days. KGC has a Zacks Rank #1.

Bottom Line

Gold remains an attractive investment today because ongoing inflation and economic uncertainty elevate its safe-haven appeal. Central banks and investors are diversifying away from risky assets. Also, recent political turmoil, including the U.S. DOJ threat to the Fed chair amid pressure over monetary policy, has boosted gold’s demand as a hedge against market and policy risks.

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Kinross Gold Corporation (KGC) : Free Stock Analysis Report

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Royal Gold, Inc. (RGLD) : Free Stock Analysis Report

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

Zacks Investment Research

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

See our latest analysis for Teck Resources.

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

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

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

Most Read from Bloomberg Businessweek

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

Business Performance of RIO's Peers

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

RIO's Price Performance, Valuation and Estimates

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

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

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

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

Zacks Investment Research

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

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Southern Copper Investment Narrative Recap

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

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

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

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

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

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

Exploring Other PerspectivesSCCO 1-Year Stock Price Chart

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

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

Build Your Own Southern Copper Narrative

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

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

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Companies discussed in this article include SCCO.

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

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

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

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

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

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

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

Result: OVERVALUED

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

SCCO Discounted Cash Flow as at Jan 2026

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

Approach 2: Southern Copper Price vs Earnings

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

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

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

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

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

Result: OVERVALUED

NYSE:SCCO P/E Ratio as at Jan 2026

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

Upgrade Your Decision Making: Choose your Southern Copper Narrative

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

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

NYSE:SCCO 1-Year Stock Price Chart

Companies discussed in this article include SCCO.

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

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

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

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

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

Talon Early Warning Disclosure

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

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

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

About Lundin Mining

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

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on January 9, 2026 at 6:00 Pacific Time.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's and Talon's respective plans, prospects and business strategies; statements regarding the Transaction, including the expected benefits of the Transaction for the Company and Talon and the anticipated synergies associated with the Transaction; Lundin Mining's plans relating to its ownership interest in Talon following closing of the Transaction; the anticipated benefit of the Transaction to Lundin Mining's shareholders; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

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

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

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

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2026/09/c9259.html

Talon Metals also provides details on upcoming share consolidation

Tamarack, Minnesota and L'Anse, Michigan–(Newsfile Corp. – January 9, 2026) – Talon Metals Corp. (TSX: TLO) (OTCID: TLOFF) (together with its subsidiaries, "Talon" or the "Company") is pleased to announce the completion of its previously announced transaction with Lundin Mining Corporation (TSX: LUN) (Stockholm: LUMI) ("Lundin Mining") pursuant to which it acquired the producing Eagle Mine and associated Humboldt Mill (the "Transaction"). On closing of the Transaction, Lundin Mining was issued 275,152,232 common shares ("Talon Shares") and granted a 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). See Talon's December 18, 2025 press release for additional information.

"The completion of the Eagle Mine and Humboldt Mill acquisition is a defining moment for Talon. I am pleased to welcome Darby Stacey as Chief Executive Officer, along with the Eagle and Humboldt mining and processing team, to Talon. This transaction has brought 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, environmental and permitting capabilities to create the only operating primary nickel-copper company in the United States with meaningful expansion potential. With the transaction now complete, our combined team is positioned to advance our four strategic priorities in parallel – materially extending the Eagle Mine life, accelerating exploration in Michigan and Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Battery Minerals Processing Facility, and progressing engineering toward feasibility study and construction – at a time when it is vitally important to drive decisively toward U.S. critical minerals self-sufficiency," said Henri van Rooyen, Executive Chairman of Talon.

DIRECTOR AND OFFICER CHANGES

In connection with closing of the Transaction, Jack Lundin and Juan Andrés Morel, the CEO and COO, respectively, of Lundin Mining, were appointed to the board of directors of Talon (the "Talon Board"). Darby Stacey, the General Manager of the Eagle Mine under Lundin Mining, has been appointed as CEO of Talon and has also joined the Talon Board. In addition, Warren Newfield has stepped down from the Talon Board and Henri van Rooyen has been appointed Executive Chairman.

CONCURRENT PRIVATE PLACEMENT

As previously announced, Talon entered into a subscription agreement concurrently with entering into the definitive agreement in respect of the Transaction pursuant to which it agreed to issue 18,555,783 Talon Shares (the "Concurrent Private Placement") to a trust settled by the late Adolf H. Lundin (the "Lundin Family Trust"). The Toronto Stock Exchange ("TSX") requires shareholder approval of the Concurrent Private Placement in accordance with Section 604(a)(i) of the TSX Company Manual and the Company intends to call a special meeting (the "Meeting") as soon as practicable to seek such approval. Further details will be contained in a management information circular to be sent to holders of Talon Shares in connection with the Meeting.

SHARE CONSOLIDATION

The Talon Board has determined that the previously announced consolidation of the Talon Shares (the "Consolidation") on the basis of one post-consolidation Talon Share for every ten pre-consolidation Talon Shares, will be effective on January 23, 2026 (the "Effective Date").

The Toronto Stock Exchange ("TSX") has accepted notice of the Consolidation, and the Talon Shares are expected to begin trading on the TSX on a post-Consolidation basis on or about January 27, 2026. The post-Consolidation Talon Shares will continue to trade on TSX under the symbol "TLO" but with a new CUSIP number (G86659201) and new ISIN (VGG866592014).

As a result of the Consolidation, the number of outstanding Talon Shares will be reduced from approximately 1,478,254,002 pre-Consolidation Talon Shares currently outstanding to approximately 147,825,400 post-Consolidation Talon Shares as at the Effective Date, subject to adjustment for the rounding down of fractions as outlined below.

The Consolidation will also result in proportionate adjustments to the exercise price and number of Talon Shares issuable pursuant to the Company's outstanding share purchase warrants and stock options in accordance with the terms of the warrant indenture between the Company and Computershare Trust Company of Canada ("Computershare") dated June 18, 2025, the Company's Stock Option Plan and other documents governing such securities.

Registered shareholders of Talon holding their Talon Shares in certificated form will be sent a letter of transmittal with instructions for the surrender of certificates representing their pre-Consolidation common shares. Such shareholders will need to return to Computershare, as registrar and transfer agent for the Talon Shares, a completed letter of transmittal in order to receive a certificate or direct registration system (DRS) advice statement for their post-Consolidation Talon Shares. The form of letter of transmittal will also be available electronically under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and from the Talon website at www.talonmetals.com. Registered shareholders whose pre-Consolidation Talon Shares are represented by a DRS advice statement will not be required to return a completed letter of transmittal to Computershare and will instead be automatically issued a new DRS advice statement for the number of post-Consolidation Talon Shares held.

Non-registered shareholders who hold their Talon Shares through a broker, financial institution or other intermediary should note that the intermediary's procedures for processing the Consolidation, in respect of pre-Consolidation Talon Shares held for the non-registered owner's account, may differ from those applicable to registered shareholders. Non-registered shareholders with questions should contact their intermediary for more information.

The Consolidation will not result in any fractional Talon Shares. If the Consolidation would otherwise result in a shareholder holding a fraction of a post-Consolidation common share, the number of post-Consolidation common shares held by such holder will be rounded down to the nearest whole number, and the fractional interest will be cancelled without consideration.

Further details regarding the Consolidation are contained in the Company's information circular dated May 14, 2025 for the annual and special meeting of shareholders of Talon held June 25, 2025, a copy of which is available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Talon website at www.talonmetals.com.

ADVISORS

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

ABOUT TALON

Talon is a TSX-listed base metals company advancing and operating high-grade nickel-copper assets in the United States, including 100% ownership of the Eagle Mine and Humboldt Mill in Michigan, the only primary nickel mine currently operating in the United States, and the Tamarack Nickel-Copper-Cobalt Project in Minnesota. Talon is 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-Cobalt 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-Cobalt 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 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 impact and anticipated benefits of the Transaction; the completion of Talon's four strategic priorities, including materially extending the Eagle Mine life, accelerating exploration in Michigan and Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Battery Minerals Processing Facility, and progressing engineering toward feasibility study and construction; the anticipated timing of the Meeting and completion of the Concurrent Private Placement; the Consolidation and the effective date thereof; the effect of the Consolidation on the Company's capital structure, including the number of Talon Shares outstanding after the Consolidation; the treatment of fractional Talon Shares; and the expected trading date of the post-Consolidation Talon Shares on the TSX. 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/279891

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy.

Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors — such as sound fundamentals, positive earnings estimate revisions, etc. — that could keep the momentum in the stock going.

Our "Recent Price Strength" screen, which is created on a unique short-term trading strategy, could be pretty useful in this regard. This predefined screen makes it really easy to shortlist the stocks that have enough fundamental strength to maintain their recent uptrend. Also, the screen passes only the stocks that are trading in the upper portion of their 52-week high-low range, which is usually an indicator of bullishness.

There are several stocks that passed through the screen and Impala Platinum Holdings Ltd. (IMPUY) is one of them. Here are the key reasons why this stock is a solid choice for "trend" investing.

A solid price increase over a period of 12 weeks reflects investors' continued willingness to pay more for the potential upside in a stock. IMPUY is quite a good fit in this regard, gaining 37.1% over this period.

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Moreover, IMPUY is currently trading at 97.6% of its 52-week High-Low Range, hinting that it can be on the verge of a breakout.

Looking at the fundamentals, the stock currently carries a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises — the key factors that impact a stock's near-term price movements.

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Impala Platinum Holdings Ltd. (IMPUY) : Free Stock Analysis Report

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

Zacks Investment Research

American Resources Corporation AREC, via its minority holding in ReElement Technologies Corporation, has formed a partnership with Transition Equity Partners (“TEP”) for a $200 million strategic equity facility to accelerate global critical mineral and rare earth refining capacity and strengthen U.S. supply chains.

The capital will initially be used to expand the deployment of ReElement’s proprietary modular, multi-mineral refining platform and buildout of its Marion, IN facility, with targeted initial capacity exceeding 10,000 metric tons per year of refined critical minerals, including light and heavy rare earths and defense-related elements, sourced from recycled materials and mined concentrates.

The partnership also envisions the development of additional refining facilities across the United States and select international locations. ReElement’s chromatographic separation technology enables the production of high-purity critical minerals that are currently unavailable at a commercial scale domestically, helping address strategic supply gaps and reduce dependence on foreign suppliers.

The company is reinforcing its U.S. supply chain footprint through collaborations with the U.S. Department of War, Vulcan Elements and POSCO International to support the production of rare earth magnets and defense-critical materials. TEP’s global investment experience and advisory capabilities are expected to support ReElement’s international expansion further while enhancing resilient supply chains for energy, defense and advanced manufacturing markets.

Shares of AREC have rallied 276% in the past six months compared with the industry’s 21.6% rise.

Image Source: Zacks Investment Research

AREC’s Zacks Rank & Key Picks

AREC currently carries a Zacks Rank of #3 (Hold).

Some better-ranked stocks in the Basic Materials space are BHP Group Limited BHP, Impala Platinum Holdings Limited IMPUY and Sibanye Stillwater Limited SBSW. BHP, IMPUY and SBSW sport a Zacks Rank of #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for BHP’s current fiscal-year earnings is pegged at $4.51 per share, indicating a 23.9% year-over-year increase. Shares of BHP have gained 31.3% over the past six months.

The Zacks Consensus Estimate for IMPUY’s current fiscal-year earnings stands at $1.33 per share, implying a 2,560% year-over-year increase. Shares of IMPUY have gained 86.1% over the past six months.

The Zacks Consensus Estimate for SBSW’s current fiscal-year earnings is pegged at $2.4 per share, indicating a 1,614.3% year-over-year increase. Shares of SBSW have soared 116.7% over the past six months.

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

Impala Platinum Holdings Ltd. (IMPUY) : Free Stock Analysis Report

American Resources Corporation (AREC) : Free Stock Analysis Report

Sibanye Gold Limited (SBSW) : Free Stock Analysis Report

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

Zacks Investment Research

Source: Getty Images

Written by Amy Legate-Wolfe at The Motley Fool Canada

Mining stocks can keep momentum into January 2026 for a pretty simple reason. These sit at the crossroads of the real-world economy and investor psychology. When markets start sniffing out lower interest rates, money often rotates toward areas that were held back by high rates, higher discounting, and recession worries. At the same time, many mined commodities have supply constraints that don’t fix themselves quickly, as it takes years to permit, build, and expand a mine. Put those together and you can get a January where miners surprise investors even after a strong prior year. Not because they’re safe, but because they’re leveraged to improving sentiment, improving demand expectations, and still-tight supply.

LUN

Lundin Mining (TSX:LUN) is the kind of name that can still surprise because it’s a working miner with meaningful operational leverage. If metal prices hold up or improve, the cash flow can quickly rebound; and if prices soften, the same leverage works in reverse. What matters for new investors is that Lundin’s Q3 2025 results show it’s still generating real earnings power in the current environment, not just promising it. In the company’s MD&A, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter was about $489.7 million, with adjusted earnings around $152.3 million.

Income is the part that beginners often misunderstand with miners. Lundin does pay a dividend, but it’s typically not the main reason to own it, and it won’t behave like a classic Canadian dividend stalwart. For example, Lundin declared a quarterly dividend of $0.09 per share around its Q3 2025 reporting, alongside net sales of about $1.1 billion and adjusted EBITDA of about $429.5 million. The key takeaway is that the dividend exists, but the real engine is the cycle.

LIF

Labrador Iron Ore Royalty (TSX:LIF) is a different kind of mining exposure, and it can absolutely surprise investors, but for a different reason. You’re not buying a miner that has to constantly fund big expansions. You’re buying a royalty-style cash flow stream tied to iron ore economics, which can translate into chunky dividends when iron ore pricing and shipments are strong.

If you’re thinking about January 2026 specifically, LIF’s surprise potential usually comes from the market underestimating how long a strong iron ore environment can last, or from dividend expectations resetting higher when results come in better than feared. But you have to hold two truths at once. This can be a high-income name in good times, and it can also be as volatile as the commodity.

Bottom line

Lundin’s surprise factor is operational and cyclical leverage in a diversified base-metals miner, whereby a better tape and decent pricing can unlock outsized upside. Labrador’s surprise factor is the dividend and cash-flow torque you can get from an iron ore royalty-style structure when the commodity stays stronger than expected. Together, here’s how much $7,000 could bring in for both mining stocks in dividends alone.

COMPANY	RECENT PRICE	NUMBER OF SHARES	DIVIDEND	TOTAL ANNUALPAYOUT	FREQUENCY	TOTAL INVESTMENT
LIF	$30.01	233	$1.55	$361.15	Quarterly	$6,992.33
LUN	$31.70	220	$0.11	$24.20	Quarterly	$6,974.00

For a new investor, the smartest way to use either is as a controlled slice alongside a boring core like a broad exchange-traded fund (ETF) or diversified blue-chips so you get the excitement without letting one commodity cycle dictate your whole financial mood.

The post Mining Momentum: 2 TSX Stocks That Could Surprise Investors This January appeared first on The Motley Fool Canada.

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Fool contributor Demetris Afxentiou has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

2026

Denison Mines Corp. DNN recently announced that its flagship Phoenix In-Situ Recovery (ISR) uranium project, located at the Wheeler River in Saskatchewan, is now fully prepared to advance into the construction phase, subject to final regulatory approval, expected in the first quarter of 2026. DNN expects to make a final investment decision (FID) following receipt of final regulatory approvals.

The company noted that major progress was achieved throughout 2025 across regulatory approvals, detailed engineering, procurement and construction planning, including the completion of the Canadian Nuclear Safety Commission’s public hearing process and prior provincial environmental clearance.

Denison reaffirmed that Phoenix is on track to become Canada’s first new large-scale uranium mine since Cigar Lake, with an expected 24-month construction period and first production targeted for mid-2028, assuming permits are finalized and a positive FID. The company updated the post-FID initial capital cost to approximately $600 million on a Class 2 budget basis, reflecting inflation and project refinements compared to the 2023 feasibility study, including roughly $65 million in contingency funds. No further revisions are anticipated before construction commencement.

Construction readiness is supported by largely completed detailed engineering, procurement of long-lead items, near-final construction contracts for 2026, and initial provincial approval for early site works.

Shares of DNN rallied 67.4% over the past six months compared with the industry’s 18.1% rise.

Zacks Investment Research

Image Source: Zacks Investment Research

DNN Zacks Rank & Key Picks

DNN currently carries a Zacks Rank of #3 (Hold).

Some better-ranked stocks in the Basic Materials space areImpala Platinum Holdings Limited IMPUY, BHP Group Limited BHP and Paladin Energy Ltd. PALAF. IMPUY sports a Zacks Rank of #1 (Strong Buy), while BHP and PALAF carry a Zacks Rank of #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for IMPUY’s current fiscal-year earnings is pegged at $1.33 per share, indicating a 2,560% year-over-year increase. Shares of IMPUY have jumped 67.2% over the past six months.

The Zacks Consensus Estimate for BHP’s current fiscal-year earnings stands at $4.51 per share, implying a 23.9% year-over-year increase. Shares of BHP have gained 25% over the past six months.

The Zacks Consensus Estimate for PALAF’s current fiscal-year earnings is pegged at 5 cents per share, indicating a 139% year-over-year increase. Shares of PALAF have soared 39.9% over the past six months.

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

Impala Platinum Holdings Ltd. (IMPUY) : Free Stock Analysis Report

Denison Mine Corp (DNN) : Free Stock Analysis Report

Paladin Energy Ltd. (PALAF) : Free Stock Analysis Report

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

Zacks Investment Research

As we usher in 2026, the Australian market has been marked by a flat trading session with materials leading gains, while IT sectors lagged behind. In this landscape of cautious optimism and sector-specific movements, identifying hidden opportunities requires a keen eye for stocks that can thrive despite broader market uncertainties.

Top 10 Undiscovered Gems With Strong Fundamentals In Australia

Name	Debt To Equity	Revenue Growth	Earnings Growth	Health Rating
Fiducian Group	NA	10.00%	9.57%	★★★★★★
Joyce	NA	9.93%	17.54%	★★★★★★
Hearts and Minds Investments	NA	56.27%	59.19%	★★★★★★
Euroz Hartleys Group	NA	1.82%	-25.32%	★★★★★★
Argosy Minerals	NA	-12.81%	-19.89%	★★★★★★
Focus Minerals	NA	75.35%	51.34%	★★★★★★
Energy World	NA	-47.50%	-44.86%	★★★★★☆
Zimplats Holdings	5.44%	-9.79%	-42.03%	★★★★★☆
Peet	53.46%	12.70%	31.21%	★★★★☆☆
Australian United Investment	1.90%	5.23%	4.56%	★★★★☆☆

Click here to see the full list of 59 stocks from our ASX Undiscovered Gems With Strong Fundamentals screener.

Here we highlight a subset of our preferred stocks from the screener.

Cedar Woods Properties

Simply Wall St Value Rating: ★★★★★★

Overview: Cedar Woods Properties Limited is an Australian company that focuses on property development and investment, with a market cap of A$727.40 million.

Operations: Cedar Woods Properties generates revenue primarily from its property development and investment activities, totaling A$465.94 million. The company’s financial performance is influenced by its cost structure, which impacts the net profit margin.

Cedar Woods Properties, a notable player in the Australian property market, has shown consistent earnings growth of 12.1% annually over the past five years. The company’s net debt to equity ratio stands at a satisfactory 25.8%, with interest payments well-covered by EBIT at 7.2 times. Trading at 43.8% below its estimated fair value, Cedar Woods is poised for further growth with an expected earnings increase of 19.8% per year and a robust presales pipeline valued at A$660 million providing revenue stability. Despite challenges like potential interest rate hikes and rising construction costs, recent guidance indicates record profits for financial year 2026, supporting increased dividends and reflecting strong sales volumes.

Cedar Woods Properties leverages housing undersupply and sustainability for margin expansion; click here to explore the full narrative on the company’s strategic positioning.

ASX:CWP Earnings and Revenue Growth as at Jan 2026IVE Group

Simply Wall St Value Rating: ★★★★★☆

Overview: IVE Group Limited, along with its subsidiaries, operates in the marketing sector in Australia and has a market capitalization of A$465.68 million.

Operations: IVE Group generates revenue primarily from its advertising segment, amounting to A$959.25 million.

IVE Group, a small player in Australia’s media and communications sector, has shown impressive financial performance with earnings growth of 69.2% over the past year. This growth outpaced the broader media industry, which saw a contraction of 42.8%. Despite its high net debt to equity ratio at 51.7%, IVE’s interest payments are well covered by EBIT at 5.1 times coverage, indicating solid operational efficiency. The company’s debt to equity ratio has improved from 105.1% to 75.2% over five years, suggesting prudent financial management while trading at a significant discount of 72.8% below estimated fair value offers potential upside for investors.

ASX:IGL Earnings and Revenue Growth as at Jan 2026Mayfield Group Holdings

Simply Wall St Value Rating: ★★★★★★

Overview: Mayfield Group Holdings Limited, along with its subsidiaries, offers electrical and telecommunications infrastructure products and services in Australia, with a market capitalization of A$376 million.

Operations: Mayfield Group Holdings generates revenue primarily from its electrical and telecommunications infrastructure segment, amounting to A$118.14 million. The company’s financial performance can be analyzed through its net profit margin trends over recent periods.

Mayfield Group Holdings, a notable player in the electrical industry, has seen its earnings grow by 32.5% over the past year, outpacing the industry’s 9.9% growth rate. With a debt to equity ratio that has improved from 8.9% to just 0.2% in five years, it appears financially stable and holds more cash than total debt, easing concerns about interest payments. Despite recent significant insider selling and shareholder dilution due to follow-on equity offerings totaling A$33 million at A$1.90 per share, the company remains profitable with high-quality earnings and positive free cash flow of A$15 million as of June 2024.

ASX:MYG Debt to Equity as at Jan 2026Where To Now?

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Companies discussed in this article include ASX:CWP ASX:IGL and ASX:MYG.

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VANCOUVER, BC / ACCESS Newswire / January 5, 2026 / Apex Critical Metals Corp. (CSE:APXC)(OTCQX:APXCF)(FWB:KL9) ("Apex" or the "Company"), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to announce that it has received approval from the Nebraska Department of Water, Energy and Environment ("NDEE") for its mineral exploration permit ("drill permit") at the Company's flagship Rift Rare Earth Project, located within the Elk Creek Carbonatite Complex in southeastern Nebraska, U.S.A.

Apex CEO, Sean Charland, stated: "We have been very active expanding and consolidating our property position and completing historical re-logging, re-assaying and 3D modelling work in preparation for our inaugural drill campaign at the Rift Rare Earth Project. We are very pleased to receive our drill permit, which marks a significant step forward as we transition from planning and preparation to drill program execution. We are eager to begin verifying and expanding upon the excellent historical results, which we believe can rapidly position the Rift Project as one of the premier rare earth projects in North America."

The Rift Project now covers approximately 3,500 acres across the Elk Creek Carbonatite Complex-an area with extensive historical drilling by previous operators, including Molycorp (1973-1986) and Quantum Rare Earth Developments (2010-2011). Historical programs reported broad, high-grade REE mineralized intervals, including:

155.5 metres ("m") of 2.70% REO(1), including 54.9 m at 3.30% REO (EC-93).
236.2 m of 2.10% REO, including 68.2 m of 3.32% REO (NEC11-004).

Drill Program Preparations

With a permit now in hand, Apex has begun advancing all pre-drilling activities, with drilling expected to commence during the first half of Q1/2026. Ongoing preparations include:

Finalizing discussions with contractors
Securing drill mobilization schedules and support services
Establishing access routes and planned drill pad locations
Completing logistical planning for core handling, sampling, and onsite operations; and
Target refinement based on historical data and detailed geological review.

A detailed summary of the drillhole locations and planned meterage will be released as the program commences.

Management cautions that drillhole EC-93 is historical and was originally completed by Molycorp between 1984-1986 with reanalysis performed by Quantum Rare Earth Development Corp. in 2010. The EC-93 results presented herein are from the 2010 reanalysis.

1Rare earth oxide (REO), includes the sum of Ce2O3, La2O3, Pr2O3, Nd2O3, Eu2O3, Sm2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3

Qualified Person

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., a Qualified Person under NI 43-101 on standards of disclosure for mineral projects. Mr. Schmidt is a Geologist with Dahrouge Geological Consulting Ltd., the consulting firm engaged by Apex Critical Metals Corp. to conduct and oversee all of the Company's exploration work, including the 2026 drill program.

References

Molycorp, Inc. (1973-1986). Elk Creek Carbonatite Exploration Drill Program Reports. Internal company records, archived at the Nebraska Geological Survey, Lincoln, Nebraska, USA.

Daigle, P., P.Geo. (2012).; NI 43-101 Elk Creek NB Project, Nebraska, US – Resource Estimate Update, Prepared for Quantum Rare Earth Development Corp., by Tetra Tech Wardrop, April 23, 2012.

Quantum Rare Earth Developments Corp. (2011). "Quantum Announces Significant Rare Earth Results from Elk Creek, Nebraska." News Release, September 20, 2011.

About Apex Critical Metals Corp. (CSE: APXC) (OTCQX: APXCF) (FWB: KL9)

Apex Critical Metals Corp. is a Canadian exploration company focused on advancing rare earth element (REE) and niobium projects that support the growing demand for critical and strategic metals across the United States and Canada. The Company's flagship Rift Project, located within the highly prospective Elk Creek Carbonatite Complex in Nebraska, U.S.A., hosts extensive rare earth rights surrounding one of North America's most advanced niobium-REE deposits. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as 155.5 m of 2.70% REO and 68.2 m of 3.32% REO.

In Canada, Apex continues to advance its 100%-owned Cap Project, located 85 kilometres northeast of Prince George, British Columbia. The 2025 drill program confirmed a significant niobium discovery with 0.59% Nb₂O₅ over 36 metres, including 1.08% Nb₂O₅ over 10 metres, within a 1.8-kilometre-long niobium trend. The Cap Project continues to demonstrate strong potential for niobium mineralization within a large and previously unrecognized carbonatite system.

With a growing portfolio of critical mineral projects in both Canada and the United States, Apex Critical Metals is strategically positioned to help strengthen domestic supply chains for the minerals essential to advanced technologies, clean energy, and national security. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQX market in the United States under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at www.apexcriticalmetals.com and to sign up for free news alerts please go to https://apexcriticalmetals.com/news/news-alerts/, or follow us on X (formerly Twitter), Facebook or LinkedIn.

On Behalf of the Board of Directors

APEX CRITICAL METALS CORP.,

Sean CharlandChief Executive OfficerTel: 604.681.1568Email: info@apexcriticalmetals.com

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release may contain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include (without limitation) statements regarding the Company's Canadian and US-based prospective assets (more particularly described above), including the potential for additional acquisitions, statements about the potential for the Rift Project's potential as a premier rare earth project in North America and statements regarding the anticipated drilling program on the Rift Project in 2026. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Risks that could change or prevent these events, activities or developments from coming to fruition include: the Company's properties are at an early stage of development and no current mineral resources or reserves have been identified by the Company thereof, that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able to raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from our properties may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability. 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. The forward-looking statements herein are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Apex Critical Metals Corp.

View the original press release on ACCESS Newswire

Alphamin Resources Corp.

Grand Baie, MAURITIUS, Jan. 05, 2026 (GLOBE NEWSWIRE) — Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) (the “Company” or “Alphamin”) announced today that Mr. Paul Baloyi has resigned as a director of the Company effective January 31, 2026. Mr. Baloyi has served on the board since April 2017 as an appointee of the Industrial Development Corporation of South Africa Ltd. (IDC) and the board of directors wishes to thank him for his contributions to Alphamin during his tenure.

FOR MORE INFORMATION, PLEASE CONTACT:

Charles Needham Chairman Alphamin Resources Corp. Tel: +230 269 4166E-mail: msmith@alphaminresources.com

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 news release.

Lundin Mining's (TSE:LUN) stock is up by a considerable 43% over the past three months. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. Particularly, we will be paying attention to Lundin Mining's ROE today.

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

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How Is ROE Calculated?

Return on equity can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Lundin Mining is:

5.2% = US$366m ÷ US$7.0b (Based on the trailing twelve months to September 2025).

The 'return' is the profit over the last twelve months. That means that for every CA$1 worth of shareholders' equity, the company generated CA$0.05 in profit.

See our latest analysis for Lundin Mining

What Has ROE Got To Do With Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.

A Side By Side comparison of Lundin Mining's Earnings Growth And 5.2% ROE

On the face of it, Lundin Mining's ROE is not much to talk about. Next, when compared to the average industry ROE of 14%, the company's ROE leaves us feeling even less enthusiastic. Therefore, it might not be wrong to say that the five year net income decline of 26% seen by Lundin Mining was probably the result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.

However, when we compared Lundin Mining's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 18% in the same period. This is quite worrisome.

TSX:LUN Past Earnings Growth January 5th 2026

Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is Lundin Mining fairly valued compared to other companies? These 3 valuation measures might help you decide.

Is Lundin Mining Using Its Retained Earnings Effectively?

With a three-year median payout ratio as high as 102%,Lundin Mining's shrinking earnings don't come as a surprise as the company is paying a dividend which is beyond its means. Its usually very hard to sustain dividend payments that are higher than reported profits.

In addition, Lundin Mining has been paying dividends over a period of nine years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 9.3% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 8.4%, over the same period.

Conclusion

On the whole, Lundin Mining's performance is quite a big let-down. The low ROE, combined with the fact that the company is paying out almost if not all, of its profits as dividends, has resulted in the lack or absence of growth in its earnings. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.

Company Logo

The Canadian metals & mining industry offers opportunities in aluminum, steel, and precious metals. Despite past volume decline, the market saw 8.9% growth in 2024, supported by key players and competitive dynamics. The industry's evolution presents avenues for strategic entry and expansion in upcoming years.

Dublin, Jan. 05, 2026 (GLOBE NEWSWIRE) — The "Metals & Mining in Canada" report has been added to ResearchAndMarkets.com's offering.Metals & Mining in Canada industry profile provides top-line qualitative and quantitative summary information including: market size (value 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.Key Highlights

The metals & mining industry includes aluminum, steel, iron ore, coal, base metals, and precious metals. Market volume represents production volume, and market value is calculated by multiplying market volume by production price.
The Canadian metals & mining industry recorded revenues of $54.89 billion in 2024, representing a compound annual growth rate (CAGR) of 6.2% between 2019 and 2024.
The production volumes declined with a negative CAGR of 1.0% between 2019 and 2024, reaching a total of 128.63 million tonnes in 2024.
In 2024, the Canadian metals & mining industry experienced annual growth of 8.9%.

Scope

Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the metals & mining market in Canada
Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the metals & mining market in Canada
Leading company profiles reveal details of key metals & mining market players' global operations and financial performance
Add weight to presentations and pitches by understanding the future growth prospects of the Canada metals & mining market with five year forecasts

Reasons to Buy

What was the size of the Canada metals & mining market by value in 2024?
What will be the size of the Canada metals & mining market in 2029?
What factors are affecting the strength of competition in the Canada metals & mining market?
How has the market performed over the last five years?
What are the main segments that make up Canada's metals & mining market?

Key Topics Covered: 1 Executive Summary1.1. Market value1.2. Market value forecast1.3. Market volume1.4. Market volume forecast1.5. Category segmentation1.6. Geography segmentation1.7. Market rivalry1.8. Competitive landscape2 Market Overview2.1. Market definition2.2. Market analysis3 Market Data3.1. Market value3.2. Market volume4 Market Segmentation4.1. Category segmentation4.2. Geography segmentation5 Market Outlook5.1. Market value forecast5.2. Market volume forecast6 Five Forces Analysis6.1. Summary6.2. Buyer power6.3. Supplier power6.4. New entrants6.5. Threat of substitutes6.6. Degree of rivalry7 Competitive Landscape7.1. Who are the leading players?7.2. What strategies do the leading players follow?7.3. What have been the most recent market developments?8 Company Profiles8.1. Teck Resources Ltd8.2. Agnico Eagle Mines Ltd8.3. First Quantum Minerals Ltd9 Macroeconomic Indicators

For more information about this report visit https://www.researchandmarkets.com/r/nyekts

About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

Southern Copper Corporation SCCO is laying the groundwork for a multi-year copper growth story, even as near-term production shows modest moderation. For 2025, the company guided copper output at 958,800 tons, implying a 2% dip from the 973,900 tons produced in 2024. Looking beyond 2025, SCCO expects production to steadily build toward 1,084,000 tons by the end of this decade.

Growth is projected to accelerate meaningfully from 2031 onward, with copper output envisioned to reach around 1,536,000 tons by 2034. This represents a 5% CAGR over 2024, underscoring SCCO’s confidence in its extensive project pipeline across Peru and Mexico.

The company’s capital investment program for this decade runs to more than $15 billion, with the major portion (around $10.3 billion) earmarked for Peru.The long-awaited Tia Maria project, located in Arequipa, Peru, with an annual capacity of 120,000 tons of SX- EW copper cathodes, is expected to start in 2027. This project will use state-of-the-art SX-EW technology with the highest international environmental standards.

In Mexico, El Pilar, which is expected to start in 2028, will contribute around 36,000 tons of copper cathodes annually. This operation will use highly cost-efficient and environmentally friendly SX-EW technology.

By 2030, El Arco in Mexico is expected to become operational. It is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves of more than 1,230 million tons with an average ore grade of 0.40% and 141 million tons of leach material with an average ore grade of 0.27%. The project includes an open-pit mine with a combined 120 ktpd concentrator and 28 ktpy SX-EW operations.

Peru’s Los Chancas project is slated to add 130,000 tons of copper starting in 2031. This will be followed by Michiquillay in 2032 with an expected 225,000 tons of copper. Michiquillay is expected to become one of Peru's largest copper mines with an expected mine life of more than 25 years.

Taken together, SCCO’s diversified and phased project pipeline suggests that short-term production dips may be overshadowed by a powerful and sustained growth phase in the next decade.

Peer BHP Group BHP reported record copper output of 2,017 kt for fiscal 2025, up 8% year over year, crossing the 2,000 kt mark for the first time. BHP has delivered a 28% increase in copper output over the past three years, reflecting its ongoing investments to build its copper portfolio.

BHP expects copper production to range between 1,800 and 2,000 kt in fiscal 2026. The company has copper projects under execution and a pipeline that could deliver around two Mtpa of attributable copper production during this decade.

Another peer, Teck Resources TECK, has entered into a merger agreement with Anglo American plc to form the Anglo Teck group. 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.

SCCO’s Price Performance, Valuation & Estimates

Southern Copper shares have gained 55.9% in the past year compared with the industry’s 42.4% growth.

Image Source: Zacks Investment Research

SCCO is trading at a forward 12-month price/sales multiple of 8.84X, a significant premium to the industry’s 3.93X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Southern Copper’s 2025 earnings is pegged at $5.27 per share, suggesting 21.7% year-over-year growth. The same for 2026 indicates growth of 17.3%.

Here is how the EPS estimates for 2025 and 2026 have been revised over the past 60 days.

Image Source: Zacks Investment Research

SCCO currently carries a Zacks Rank #3 (Hold).

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

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

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

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

Zacks Investment Research

After a tough 2025, the global lithium market is gearing up for a new growth cycle. Prices fell about 90% by mid-year from their 2022 peak levels as electric vehicle (EV) demand slowed and supply built up, but 2026 looks very different.

EVs will still drive demand, but new sources are joining the mix. Strong growth in solar power installations across Europe, the United States and the Asia-Pacific region is boosting the use of battery energy storage systems (BESS), which rely on lithium to store electricity from renewable energy.

Artificial intelligence is also creating a new need for lithium. Massive AI data centers use as much electricity as small cities, and many are now adding lithium-ion batteries on-site to handle peak energy use and reduce pressure on local grids. Autonomous machines and humanoid robots could become another steady source of lithium demand over the next decade.

Governments are taking notice, too. Many now treat lithium as strategic, like energy grids or defense equipment. This means governments may support production and investments, adding stability to the market.

Per Fortune Business Insights, the global lithium market is expected to expand from $13.9 billion in 2024 to $55.5 billion by 2032, implying a CAGR of nearly 19%.

While lithium prices have been under pressure, sentiment is turning. Lithium carbonate prices in China have rallied more than 20% so far this month. Major producer Ganfeng Lithium expects global lithium demand to grow 30-40% in 2026 and has flagged high price targets of 150,000-200,000 RMB/ton as the market moves back toward balance.

Against this backdrop, a few lithium stocks — Rio Tinto plc RIO, Lithium Americas Corp. LAC, Albemarle Corporation ALB and Sociedad Quimica y Minera de Chile S.A. SQM — are worth keeping on your watchlist.

Rio Tinto

Rio Tinto is making a serious push into lithium, aiming to become one of the world’s major producers. Earlier this year, the company completed its $6.7 billion acquisition of Arcadium Lithium, giving it access to one of the largest lithium resource bases globally. With Arcadium’s high-quality assets and broad product portfolio, Rio Tinto plans to grow capacity at its Tier 1 lithium operations to more than 200,000 tons of lithium carbonate equivalent per year by 2028.

Rio Tinto is also expanding its lithium footprint in South America. It acquired the Rincon project in Argentina in 2022 and made a $2.5 billion investment in the project in 2024. Rincon is expected to produce up to 60,000 tons of battery-grade lithium carbonate annually, with first production targeted for 2028 and a gradual ramp-up to full capacity.

In Chile, Rio Tinto has formed joint ventures with Codelco and ENAMI this year to develop high-grade lithium projects, strengthening its long-term supply pipeline.

For investors, Rio Tinto offers diversified exposure to lithium alongside its established global mining business. The stock sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for RIO’s next year EPS implies a year-over-year uptick of 11%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Lithium Americas

Lithium Americas is making a bold play on the U.S. lithium market with its Thacker Pass project in Nevada, home to the largest lithium resource in the country. This project plays a critical role in securing domestic lithium supply. Thacker Pass is expected to produce up to 40,000 tons of lithium carbonate per year, enough for roughly 800,000 electric vehicles. If fully realized, this output could push the United States to the world’s second-largest lithium producer. Phase 1 of the project is on track, with mechanical construction of the processing plant expected to finish by late 2027.

The project has also attracted strong government backing. In October, the U.S. Department of Energy (“DOE”) acquired a 5% stake in both Lithium Americas and the Thacker Pass joint venture. Lithium Americas also drew the first $435 million from a larger $2.23 billion DOE loan, fueling construction and securing funding for the next stages.

For investors looking at the lithium rebound, LAC stands out as a key domestic play. Its combination of scale, government support and a clear production roadmap positions it well to benefit from rising lithium demand in the coming years.

LAC carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for LAC’s next year’s bottom line suggests a year-over-year improvement of 42%.

Albermarle

Albemarle is one of the world’s top lithium producers, well-positioned to benefit from long-term growth in battery-grade lithium. The company is actively boosting its global lithium conversion capacity through strategic projects, focusing on high-return investments that improve productivity and efficiency. Production milestones are supporting growth. In Chile, the Salar yield improvement project has reached a 50% operating rate, while ramp-up at the Meishan lithium conversion facility in China is ahead of schedule. Record output from integrated conversion plants contributed to higher sales volumes in Albemarle’s Energy Storage unit in the third quarter of 2025.

Albemarle is also streamlining operations, cutting costs and optimizing its conversion network to maintain a strong competitive edge. In 2025, these initiatives are expected to deliver around $450 million in cost and productivity gains, exceeding the initial target of $300-400 million.

With robust customer demand, expanded capacity and efficiency improvements, ALB is positioned to capture rising lithium demand globally. Its scale, diversified operations and focus on cost management make it a key player for investors looking to ride on the lithium rebound in 2026.

ALB carries a Zacks Rank #3. The Zacks Consensus Estimate for ALB’s 2026 EPS implies a year-over-year jump of 217%.

Sociedad Quimica

Sociedad Química is one of the noted producers of lithium, supplying battery and energy storage markets worldwide. Its scale and global footprint make it a key player as lithium demand rebounds.

SQM has built a highly diversified lithium platform across Chile, Australia and China. In Chile, the company is expanding operations at the Salar de Atacama, targeting lithium carbonate production of 240,000 metric tons by 2026. It is also ramping up lithium hydroxide capacity to 100,000 metric tons by the end of 2025.

In Australia, SQM is advancing the Mt. Holland project, a 50,000-metric-ton lithium hydroxide operation developed through a joint venture, while pursuing additional exploration projects. In China, the company operates a lithium hydroxide refinery and tolling facility with 40,000 metric tons of capacity, strengthening its downstream reach and global supply chain.

SQM expects long-term lithium demand to outpace supply and has already completed major capacity upgrades. With these improvements in place, the company believes it can grow market share, especially in supplying lithium for EV batteries.

For investors, SQM offers scale, diversification and strong leverage to a lithium market recovery. The stock carries a Zacks Rank #3. The Zacks Consensus Estimate for SQM’s 2026 EPS indicates a year-over-year surge of 117%.

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Rio Tinto PLC (RIO) : Free Stock Analysis Report

Albemarle Corporation (ALB) : Free Stock Analysis Report

Sociedad Quimica y Minera S.A. (SQM) : Free Stock Analysis Report

Lithium Americas Corp. (LAC) : Free Stock Analysis Report

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

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Bravo Mining’s (BRVO.V) Chairman and Chief Executive Luis Azevedo on Wednesday issued his annual let

TORONTO, Dec. 31, 2025 /CNW/ – Bravo Mining Corp. (TSX.V: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") today issued its Annual Letter to Shareholders as per below (the "Letter").

Dear fellow Shareholders,

It is with immense gratitude and a profound sense of accomplishment that I address you at the close of 2025, a year that will undoubtedly be marked as a watershed moment for Bravo Mining Corp.

This past year represents a clear inflection point in the Company's evolution, one defined by disciplined execution, material de-risking of our flagship asset and consistent value creation; a year that consolidated our Luanga palladium + platinum + rhodium + gold + nickel project ("Luanga Project" or "Luanga PGM+Au+Ni Project") as one of the few large-scale, multi-million-ounce, open-pit PGM+Au+Ni deposits globally, located in a mining-friendly, geopolitically favourable and infrastructure-rich jurisdiction.

Our philosophy has remained consistent: to de-risk and advance Luanga methodically while maintaining disciplined capital allocation, enabling us to endure challenging commodity cycles and remain well positioned to benefit from shifts in market sentiment, as is now the case with PGMs and gold. This approach has allowed us to deliver a series of significant milestones while maintaining a strong financial position providing a solid platform for continued progress in 2026.

Strategic and Operational Milestones in 2025:

This year was punctuated by the delivery of a series of significant milestones that placed Luanga in the premier league of PGM projects globally:

Updated Mineral Resource Estimate1 ("MRE"): Exceeding our own expectations for resource growth, early in the year we reported the follow-on to our 2023 maiden MRE1, delivering significant increases in tonnage, grade, and resource confidence, while keeping the door open for continued resource expansion.

The updated MRE1 outlines total Measured and Indicated ("M&I") resources of 158 million tonnes ("Mt") grading 2.04 grams per tonne ("g/t") PdEq¹, containing 10.4 million ounces ("Moz") of PdEq¹, along with Inferred Resources of 78 Mt grading 2.01 g/t PdEq¹ for an additional 5.0 Moz PdEq¹. Importantly, approximately two-thirds of the total resource is now classified in the M&I category, with 86% of the MRE1 tonnage defined to a depth of only 250 metres, while mineralization has been confirmed to at least 400 metres, clearly indicating strong potential for further growth at depth.

1 Notes and Disclaimers on MRE and Palladium Equivalent – For MRE details, grades by individual metals and details for the basis of the Palladium Equivalent calculation, please see "Luanga Project 2025 MRE" section at the end of this press release.

Preliminary License (LP) Obtained: In February 2025 we secured the Preliminary License (LP) for our Luanga Project, the most critical and time-intensive permit in Brazil's environmental licensing process. Preparation for Luanga's permitting began well before our IPO in July 2022, with early environmental studies, proactive community engagement, and strong collaboration with government agencies.

This dedication culminated in a highly successful public hearing on December 12, 2024, where we received overwhelming community support, paving the way for this achievement.

Preliminary Economic Assessment2 ("PEA") Completed: In June 2025, we completed the PEA2 for the Luanga Project, outlining a potential for 17-year Life of Mine with average annual payable production of approximately 436,000 Ounces of 4 PGE (255,000 oz Palladium, 158,000 oz Platinum, 15,000 oz Rhodium, 8,500 oz Gold) plus 8,549 tonnes of Nickel.

The PEA2 evaluated two development scenarios. The Base Case, based on flotation concentrate sales to a third-party refiner, illustrated potential for an after-tax Net Present Value at 8% ("NPV8%") of US$1.25 billion and an IRR of 49%. The Alternate Case, which contemplates a vertically integrated operation, enhances value with an after-tax NPV8% of US$1.86 billion and a 49% IRR. Such economics were achieved assuming a 4 PGE basket price about 30% lower than prevailing prices (Dec 30, 2025).

The combination of high margins and a low CAPEX-to-NPV ratio underscores the potential of Luanga's open-pit nature over its 8.1km of continuous mineralized strike and favorable setting for project development, where existing infrastructure, such as paved roads alongside the deposit, power lines, cost-effective hydropower, water availability, a skilled mining workforce and tax incentives, result in operating costs that could be meaningfully more competitive than many other PGM deposits worldwide.

2For complete details, forward looking statements and disclaimers of the PEA, please see press release published on July 7, 2025. The PEA is based on the 2025 MRE for the Luanga Project (see later section: Luanga Project 2025 MRE and press release published on February 18, 2025)

Bravo to Anchor New Port of Vila do Conde Export Processing Zone (ZPE): One of the year's most significant strategic advancements was the selection of Bravo as the anchor company for the newly created Barcarena Export Processing Zone (ZPE) at the Port of Vila do Conde, Pará, the first mineral project ever to anchor a ZPE in Brazil. This designation materially strengthens Luanga's vertical integration optionality outlined in the PEA's Alternate Case2, providing a framework to support potential future concentrate processing through a smelter, whether developed by Bravo, in partnership, or by a third party.

The ZPE significantly enhances this opportunity through potential CAPEX savings, import exemptions on equipment and supplies, and tax-free exports from a strategically located deep-sea port. Importantly, the Barcarena industrial corridor hosts multiple fertilizer and chemical producers that currently rely on imported sulphuric acid. Acid generated locally as a by-product of Luanga's potential processing route could be sold directly to fertilizer blenders, creating a meaningful additional revenue stream while helping address Brazil's structural deficit in sulphuric acid supply. To illustrate this opportunity, the PEA conservatively assumed a sulphuric acid sales credit of US$160/t, while recent market prices have reached approximately US$440/t, levels that have forced major fertilizer producers to temporarily suspend production.

While Luanga's Base Case2 already illustrates potential standalone economics, the ZPE-enabled Alternate Case could meaningfully enhance project optionality and resilience. With few viable PGM development projects globally, the ZPE represents a clear differentiator within the "Bravo package", positioning Luanga not only as a compelling PGM and nickel project, but also as a potential mine-to-agro solution aligned with Brazil's strategic minerals and agricultural agendas.

Advancement in Copper-Gold Potential: We continue to make progress in understanding and advancing the copper–gold potential at and around the Luanga Project, adding another track for value creation to Bravo. Both IOCG-style (Iron Oxide Copper Gold) and magmatic Ni–Cu mineralization have now been identified across several of the 17 prioritized targets.

The 2025 exploration program has confirmed extensions of copper-gold mineralization at T5 target, delivered encouraging results from initial scout drilling at T16 and T17, and expanded focus to new targets such as Babylon, which is associated with a large magnetic anomaly.

In parallel, reprocessed geophysical datasets are being used to investigate potential depth extensions of Luanga's PGM+Au+Ni mineralization, while refining drill targeting across both IOCG and magmatic Ni–Cu systems. These efforts are systematically building a robust pipeline of exploration prospects that highlight Luanga's potential well beyond the core PGM+Au+Ni deposit.

Member of the World Platinum Investment Council (WPIC): Bravo became the first pre-production PGM company to join the World Platinum Investment Council (WPIC), gaining access to valuable market intelligence and deeper engagement with both upstream and downstream participants across the global PGM value chain. This membership also provides a platform to increase awareness of the strategic significance and quality of the Luanga Project, reflecting important recognition of Bravo's growing role in the global PGM market.

Commitment to ESG: A Year of Legacy and Impact:

In terms of ESG (Environmental, Social, and Governance), 2025 was a truly remarkable year of great personal significance for me and for the entire Bravo team.

Serra Feliz Project and Partnership with the RCF Foundation: We maintained and extended our support program for children and youth in the Serra Feliz Project. We are immensely grateful to the RCF Foundation, which, part of the same group as one of our key investors, the RCF Opportunities Fund, continues to be an invaluable partner. Together, we positively impacted over 300 children, youth, and adults, promoting education, sports, dance, theater, and leisure, and contributing to improving school performance, reducing absenteeism, and boosting self-esteem and motivation. We closed the year by promoting our usual "Solidarity Christmas" for a "Christmas without Hunger" campaign, distributing basic food baskets ("Cestas Básicas") to 715 families across the communities that surround our operations.

Historic Reforestation Mark: Our reforestation program reached the impressive milestone of 44,510 trees planted. This is a significant leap from the 30,000 trees we had planted by January 2025, with over 10,000 additional ones already in our nursery and planned for the year. We prioritize planting high-value, fruit-bearing trees, such as Brazil nuts, cocoa, açaí, acerola cherry, and other native species, aiming for the rehabilitation of degraded areas within and outside the Luanga project, including in local communities and areas affected by artisanal mining. This effort demonstrates our respect for the environment, support food security for local residents and our commitment to biodiversity.

Safety and Well-being: The safety of our team is paramount. With pride, we surpassed the mark of 650,000 hours without lost-time injuries. This achievement is a testament to our safety culture, continuous training, and diligent supervision of all field activities, building upon the 522,307 hours achieved in January 2025.

Industry and Personal Recognition: For the second time (the first being in 2023), Bravo had the honor of being recognized at the 2025 Brasil Mineral Awards as Mining Company of the Year – Exploration & Prospector (small–mid companies). This distinction validates our strategy, the quality of our team, and the excellence of our work.

In addition, I had the privilege of being honored as Mineral Sector Personality of the Year ("Miner of the Year"), marking the second time I have received this award in my professional career (previously in 2018). This recognition is one I share with our entire team, as it reflects the collective dedication and effort behind Bravo's success.

Gratitude and the Vision Beyond Reflection:

The primary purpose of this letter is to express my sincere gratitude to our shareholders, directors, stakeholders, and the entire Bravo team for your continued support over the past three years. From the outset, our ambition has been clear: to build long-term value anchored by our highly valued and sought-after basket of commodities while creating a legacy of responsible and sustainable mining that benefits the communities surrounding our project and, ultimately, Brazil.

As in prior years, our progress has often been assessed through charts, trends, short-term results, and market comparisons, a constant flow of information that can sometimes reflect little more than momentary sentiment. Throughout this process, the support of our executive team, Board, and shareholders has been instrumental in maintaining focus on the underlying value of Luanga and its potential to become a benchmark asset within our industry.

There were periods when prevailing narratives questioned the future relevance of PGMs, with some characterizing them as commodities in decline and encouraging us to shift course. We listened carefully but remained committed to our long-term strategic view. That conviction has been validated: in 2025, PGMs emerged as one of the strongest-performing commodities. I thank you for the trust, patience, and confidence that allowed us to stay the course and emerge stronger.

Looking Ahead to 2026: Consolidation and Responsible Expansion:

Looking ahead, even as we potentially navigate a more favorable commodity-cycle environment, we will not compromise our principles, convictions, or discipline. We remain focused on de-risking the project with the same cash discipline that preserves our strong capital structure. Our decisions will not be driven solely by commodity prices, but by long-term value creation.

We are advancing toward the delivery of a Pre-Feasibility Study ("PFS"), continuing to optimize metallurgical processes and plant design, while maintaining ongoing dialogue with potential strategic partners capable of enhancing project value and development strategies, not only across PGMs, but also through our copper–gold opportunities. At the same time, we will continue to strengthen our ESG practices and deepen our community and institutional engagement with the government agencies overseeing our development.

With the guidance of our strong Board of Directors, further strengthened in April 2025 by the appointment of the highly regarded Margot Naudie, and with the continued support of our friend and PGM expert Stuart Comline, who remains a consultant to the Company, I am confident that we will deliver on our objectives and translate our success into value for both existing and future shareholders.

Bravo's journey is a story of vision, resilience, and, above all, collaboration. We believe in Luanga's potential to become a key supplier of essential and critical metals, contributing to a greener and technologically advanced global economy, always with the commitment to operate responsibly and generate value for all.

On behalf of the Board of Directors and management, I thank you once again for your invaluable support. Let us toast to an even more promising future.

We are Bravo!

Luis AzevedoChairman and CEOBravo Mining Corp.

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM+Au+Ni Luanga Project, as well as our copper-gold exploration opportunities in the world-class Carajás Mineral Province, Para State, Brazil.

Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists and engineers, has a proven track record of PGM, nickel, and copper discoveries in the region and elsewhere. The individuals in the team have successfully taken a past iron oxide copper gold (IOCG) greenfield project from discovery to development and production in the Carajás.

The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, ports, and hydroelectric grid power. Bravo's current Environmental, Social and Governance activities include planting and donating more than 42,000 high-value trees in and around the project area in the past 30 months, while hiring personnel and contracting services locally.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company's "qualified person" as defined in NI 43-101. Mr. Mottram has verified the technical data and opinions contained in this news release.

Details of the MRE and PEA with cautionary language are provided in a technical report titled "NI 43-101 Preliminary Economic Assessment (PEA) Independent Technical Report for the Luanga PGM + Au + Ni Project Pará, Brazil", with an effective date of July 7, 2025, filed under the Company's SEDAR+. It can also be found in the Company's website in the link: NI 43-101 Preliminary Economic Assessment (PEA) Independent Technical Report for the Luanga PGM + Au + Ni Project, Pará, Brazil

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

Forward Looking Statements.

This news release contains forward-looking information, words and statements which are not comprised of historical facts. Forward-looking information is characterized by words and statements such as "clearly indicating", "potential", "further growth", "materially strengthens", "meaningfully enhances", "continue to strengthen", "will deliver on our objectives", "solid", "assumed", "significant", "success", "translate", "well positioned", similar words, phrases, or statements that certain events or conditions "could", "may", "should", "will" or "would" occur. This news release contains forward-looking information pertaining to the Company's 2025 PEA; the potential for future MRE growth; whether or not current or future discoveries of copper-gold mineralization at Luanga will have sufficient economic merit to consider development; potential repeatability and improvements to the economic assumptions and/or to metallurgical recoveries used in the PEA and MRE in future studies; the potential to convert some or all of the MRE to mineral reserves through economic studies and the timing and results of any such studies; the assumption that onsite vertical integration/downstream processing will be technically and economically feasible and that an experienced/strategic partner will be identified and terms of a relationship be acceptable to Bravo; the ultimate cost of power for any future mine developed; the duration and prices in future commodity cycles; whether more value can be unlocked within the Luanga in the future; changes in the exchange rate between the US$ and Brazilian Real; the results of subsequent stages of permitting, including but not limited to the timing, granting and conditions of the Installation License (LI) and Operation License ("LO") referred to herein; the outcomes of future economic studies and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open at depth, that PGM and/or Ni grades and mineralized thicknesses are improving at depth; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Luanga Project 2025 MRE

Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all mineral resources would be converted into mineral reserves. This MRE includes Inferred Mineral Resources which have not had sufficient work to classify them as Indicated mineral resources. It is uncertain but reasonably expected that inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. For further information please refer to the 2025 MRE NI 43-101 Independent Technical Report (SEDAR+) with an effective date of February 18, 2025.

Note that the assumed PEA production schedule is based on a subset of this 2025 MRE and uses a higher cut-off grade (0.87g/t PdEq for the PEA versus 0.5g/t PdEq for the MRE) to provide what Bravo deems to be an optimal return in the PEA economic model, which also excludes consideration of Oxide material at this point in time.

Resource Classification	Weathering	Average Grades and Contained Metal Estimates
		Tonnes	PdEq		Pd		Pt		Rh		Au		Ni
		Mt	g/t	Oz	g/t	Oz	g/t	Oz	g/t	Oz	g/t	Oz	%	Tonnes
Measured	Oxide	4	1.51	197	0.90	117	0.88	115	0.12	15	0.05	7	—	—
	High talc	—	—	—	—	—	—	—	—	—	—	—	—	—
	Fresh Rock	32	2.06	2,144	0.97	1,009	0.67	694	0.08	88	0.04	46	0.11	35,282
	Total	36	2.00	2,340	0.96	1,126	0.69	809	0.09	104	0.04	53	0.10	35,282
Indicated	Oxide	6	1.51	314	0.97	200	0.73	151	0.11	23	0.04	9	—	—
	High talc	2	1.83	146	1.12	89	0.54	43	0.08	6	0.11	9	0.13	3,160
	Fresh Rock	113	2.09	7,599	0.99	3,583	0.59	2,133	0.09	318	0.05	193	0.14	156,406
	Total	122	2.06	8,058	0.99	3,872	0.59	2,326	0.09	348	0.05	210	0.13	159,566
Measured + Indicated	Oxide	10	1.51	510	0.94	317	0.79	266	0.11	38	0.04	15	—	—
	High talc	2	1.83	146	1.12	89	0.54	43	0.08	6	0.11	9	0.13	3,160
	Fresh Rock	145	2.08	9,743	0.98	4,592	0.60	2,827	0.09	407	0.05	239	0.13	191,688
	Total	158	2.04	10,399	0.98	4,998	0.62	3,135	0.09	451	0.05	262	0.12	194,848
Inferred	Oxide	3	1.57	130	0.88	73	1.04	86	0.13	11	0.05	4	—	—
	High talc	0.1	1.76	5	1.08	3	0.53	2	0.07	0	0.10	0	0.14	133
	Fresh Rock	75	2.02	4,878	0.97	2,344	0.58	1,389	0.08	191	0.05	123	0.13	97,586
	Total	78	2.01	5,013	0.97	2,421	0.59	1,476	0.08	202	0.05	128	0.13	97,719

Table 8: MRE Declaration at a Cut-off of 0.5g/t PdEq*

Table 11: Luanga Project 2025 MRE

Notes to the MRE:

1.	The 2025 MRE was prepared by Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both independent Qualified Person ("QP") for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The effective date of the MRE is 18 February 2025.
2.	Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
3.	The MRE Estimate is reported/confined within an economic pit shell generated by Dassault Geovia Whittle software, using the following assumptions: Generated from work completed by Bravo and historical test work: Metallurgical recovery in sulphide material of 77% Pd, 81% Pt, 51% Rh, 48% Au, 50% Ni to a Ni-PGM concentrate. Metallurgical recovery in oxide material of 81% Pd, 23% Pt, 54% Rh, 90% Au to a PGM ash residue (Ni not applicable). Metallurgical recovery in high-talc sulphide material of 51% Pd, 55% Pt, 27% Rh, 27% Au, 50% Ni to a Ni-PGM concentrate. Independent Geotechnical Testwork – Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock. Densities are based on 27,170 drillhole core and 112 in situ samples density measurements. The Mineral Resources are reported on a dry density basis. External downstream payability has not been included, as the base case MRE assumption considers internal downstream processing, with operating costs for downstream processing included in the calculation of the 0.5g/t PdEq1 cut-off used for the declared MRE. Payable royalties of 2%. (Considering CFEM, for reserves a complete set of royalties must be considered) Metal Pricing For the 2025 MRE, the same pricing regime was used as in the 2023 MRE as there have been no significant changes in prices. This also allows for a direct comparison between the new 2025 MRE and the now defunct 2023 model (a 10-year trailing average – 2014-2023): Pd price of US$1,380/oz, Pt price of US$1,100/oz, Rh price of US$6,200/oz, Au price of US$1,500/oz, Ni price of US$7.10/lb. Palladium Equivalent ("PdEq1") Calculation: The PdEq equation is: PdEq1 = Pd g/t + F1 + F2 + F3 + F4 Where: F1 = (PtpPtR)/(PdpPdR) Ptt F2 = (RhpRhR)/(PdpPdR) Rht F3 = (AupAuR)/(PdpPdR) Aut F4 = (NipNiR)/(PdpPdR) Nit P = Metal Price R = Metallurgical Recovery Costs are taken from comparable projects in GE21's extensive database of mining operations in Brazil, which includes not only operating mines, but recent actual costs from what could potentially be similarly sized operating mines in the Carajás. Costs considered a throughput rate of ca. 10Mtpa. Mining costs: US$2.00/t oxide, US$3.00/t Fresh Rock. Processing costs: US$9.00/t fresh rock, US$7.50/t oxide. US$1.50/t processed, for General & Administration. US$1.00/t processed for grade control. US$0.50/t processed for rehabilitation. Several of these considerations (metallurgical recovery, metal price projections for example) should be regarded as preliminary in nature, and therefore PdEq1 calculations should be regarded as preliminary in nature.
4.	The 2025 MRE supersedes and replaces the Previous Estimate (2023), which should be no longer relied upon.
5.	The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than those typical for mining projects at this stage of development, including those listed in the Technical Report dated October 22nd, 2023, and in the Company's Annual Information Form dated April 22nd, 2024.
6.	Totals may not sum due to rounding.

Cision

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