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Copper prices have surged to historic highs this year, with London Metal Exchange (“LME”) copper recently topping $12,000 per metric ton, reflecting a 42% year-to-date increase. This remarkable rise is driven by a structural market shift — explosive demand from artificial intelligence (AI) is colliding with constrained global supply, creating what analysts describe as a “very tight” market.

Indeed, while factors like U.S. tariffs, weak dollar, and inventory stockpiling triggered the initial price rally, the underlying fundamentals, particularly that of surging demand tied to electrification and digital infrastructure, suggest we are entering a long-term "supercycle."

For investors, this backdrop presents an opportune moment to make a grand entry into diversified copper exchange-traded funds (ETFs), rather than making concentrated bets on individual miners, as a profitable move for 2026.

Before suggesting a few copper ETFs to consider for your watchlist, it’s worth exploring the strong link between AI and copper demand, other key growth catalysts for the red metal, and its overall growth prospects. Understanding these factors can help investors make more informed decisions.

AI Boom and Copper Demand

The rapid build-out of AI data centers has lately emerged as a major new pillar of copper demand, thanks to the metal’s critical role in high capacity power lines, transformers and cooling infrastructure.

To this end, industry experts like Wood Mackenzie highlight that data center demand is highly "inelastic," meaning developers will pay whatever it costs to secure copper, which represents a tiny fraction of total project budgets. According to Wood Mackenzie’s Horizons report, published in October 2025, global copper demand is estimated to surge 24% by 2035, with AI playing a critical role as a growth catalyst.

Notably, Wood Mackenzie believes a sudden surge in data center construction can trigger price spikes of 15% or more for the red metal. With AI projected to consume an additional 2,200 TWh of electricity by 2035 (as per global data centre projects tracked by Wood Mackenzie's Power team), we may expect to witness more copper price inflation in the coming days.

AI Apart Demand Picture: 2026 & Beyond

AI is just one driver of the broader surge in copper demand, alongside the energy transition, grid modernization, and transport electrification. Beyond data centers, initiatives focused on national security and infrastructure resilience are also reshaping global copper demand.

Meeting this enormous demand will require around 8 million tons of new mine capacity plus 3.5 million tons of additional scrap (as per Wood Mackenzie). Surely, this creates a golden opportunity for a steady price hike amid an already scarce supply of the red metal, with major disruptions at mines like Grasberg in Indonesia and falling ore grades in Chile having led to a projected 330,000-ton deficit for 2026 (as estimated by JP Morgan).

Copper price prospects remain strong over the coming years, though 2026 forecasts vary. J.P. Morgan is particularly optimistic, projecting LME copper to average $12,500 per ton in second-quarter 2026 and $12,075 for the full year, citing supply disruptions and the AI-driven demand surge as key upside factors.

On the other hand, Goldman Sachs expects a near-term pullback from record highs to an average of $10,710 in the first half of 2026, while for the full year, it forecasts prices to remain in the range of $10,000-$11,000, with the expectation that the global surplus of supply will prevent copper prices from exceeding $11,000. However, by 2035, Goldman Sachs predicts the LME copper price to reach a solid $15,000 per ton.

Copper ETFs to Consider

Given the strong convergence of demand drivers and supportive institutional forecasts, investors looking to gain exposure may consider the following copper ETFs:

Global X Copper Miners ETF COPX

This fund, with assets worth $4.56 billion, provides exposure to 41 copper mining companies. COPX has surged a solid 95.3% year to date. Its net asset value (NAV) was $72.20 as of Dec. 30, 2025.

The fund charges 65 basis points (bps) as fees. It traded at a good volume of 3.77 million shares in the last trading session.

iShares Copper and Metals Mining ETF ICOPThis fund, with net assets worth $171 million, provides exposure to 48 global copper and metal ore miners. ICOP has soared 79.8% year to date. Its top three holdings include Freeport McMoran FCX (8.18%), Anglo American NGLOY (7.91%), and BHP Group BHP (7.73%).

Its NAV was $44.42 as of Dec. 30, 2025. The fund charges 47 bps as fees. It traded at a volume of 0.18 million shares in the last trading session.

Sprott Copper Miners ETF COPPThis fund, with net assets worth $97.4 million, provides exposure to physical copper and 62 copper miners. COPP has rallied 71.7% year to date. Its NAV was $34.93 as of Dec. 30, 2025. The fund charges 65 bps as fees. It traded at a volume of 0.18 million shares in the last trading session.

United States Copper ETF CPERThis fund, with net assets worth $460.7 million, reflects the performance of the investment returns from a portfolio of copper futures contracts on the COMEX exchange. CPER has gained 40.1% year to date.

Its NAV was $35.44 as of Dec. 30, 2025. The fund charges 106 bps as fees. It traded at a volume of 1.39 million shares in the last trading session.

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

Zacks Investment Research

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Baytex Energy BTE: This conventional oil and gas income trust, which is focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders, has seen the Zacks Consensus Estimate for its current year earnings increasing 33.3% over the last 60 days.

Baytex Energy Corp Price and ConsensusBaytex Energy Corp Price and Consensus

Baytex Energy Corp price-consensus-chart | Baytex Energy Corp Quote

BHP Group Limited BHP: This mining company, which is one of the world's largest with operations spanning Australia, Brazil, Canada, Chile, Peru, and the United States, has seen the Zacks Consensus Estimate for its current year earnings increasing 13% over the last 60 day.

BHP Group Limited Sponsored ADR Price and ConsensusBHP Group Limited Sponsored ADR Price and Consensus

BHP Group Limited Sponsored ADR price-consensus-chart | BHP Group Limited Sponsored ADR Quote

Samsara Inc. IOT: This company, which provides solutions which connects physical operations data to its connected operations cloud principally in the United States and internationally, has seen the Zacks Consensus Estimate for its current year earnings increasing 8.5% over the last 60 days.

Samsara Inc. Price and ConsensusSamsara Inc. Price and Consensus

Samsara Inc. price-consensus-chart | Samsara Inc. Quote

Gitlab GTLB: This company, which is a leading provider of a DevSecOps platform that brings together development teams, IT operations teams, and security teams to build better and more secure software at a faster rate, has seen the Zacks Consensus Estimate for its current year earnings increasing 7.2% over the last 60 days.

GitLab Inc. Price and ConsensusGitLab Inc. Price and Consensus

GitLab Inc. price-consensus-chart | GitLab Inc. Quote

Cummins CMI: This company, which is a leading global designer, manufacturer and distributor of diesel and natural gas engines and powertrain-related component products, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.7% over the last 60 days.

Cummins Inc. Price and ConsensusCummins Inc. Price and Consensus

Cummins Inc. price-consensus-chart | Cummins Inc. Quote

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

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Baytex Energy Corp (BTE) : Free Stock Analysis Report

GitLab Inc. (GTLB) : Free Stock Analysis Report

Samsara Inc. (IOT) : Free Stock Analysis Report

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

Zacks Investment Research

Here are three stocks with buy rank and strong income characteristics for investors to consider today, December 31st:

Alexander's ALX: This real estate investment trust which is engaged in leasing, managing, developing and redeveloping properties, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 7% over the last 60 days.

Alexander's, Inc. Price and Consensus

Alexander's, Inc. price-consensus-chart | Alexander's, Inc. Quote

This Zacks Rank #1 (Strong Buy) company has a dividend yield of 8.2%, compared with the industry average of 4.8%.

Alexander's, Inc. Dividend Yield (TTM)

Alexander's, Inc. dividend-yield-ttm | Alexander's, Inc. Quote

Kforce KFRC: This company, which provide professional staffing services and solutions to clients on both a temporary and permanent basis through our Technology and Finance and Accounting segments, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.4% over the last 60 days.

Kforce, Inc. Price and Consensus

Kforce, Inc. price-consensus-chart | Kforce, Inc. Quote

This Zacks Rank #1 company has a dividend yield of 4.9%, compared with the industry average of 2.3%.

Kforce, Inc. Dividend Yield (TTM)

Kforce, Inc. dividend-yield-ttm | Kforce, Inc. Quote

BHP Group Limited BHP: This mining company, which is one of the world's largest with operations spanning Australia, Brazil, Canada, Chile, Peru, and the United States, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 13% over the last 60 days.

BHP Group Limited Sponsored ADR Price and Consensus

BHP Group Limited Sponsored ADR price-consensus-chart | BHP Group Limited Sponsored ADR Quote

This Zacks Rank #1 company has a dividend yield of 3.9%, compared with the industry average of 0.0%.

BHP Group Limited Sponsored ADR Dividend Yield (TTM)

BHP Group Limited Sponsored ADR dividend-yield-ttm | BHP Group Limited Sponsored ADR Quote

See the full list of top ranked stocks here.

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Alexander's, Inc. (ALX) : Free Stock Analysis Report

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

Zacks Investment Research

REE Automotive Ltd. (NASDAQ:REE) is possibly approaching a major achievement in its business, so we would like to shine some light on the company. REE Automotive Ltd. operates as an automotive technology company in France, the United Kingdom, the United States, Germany, and internationally. With the latest financial year loss of US$112m and a trailing-twelve-month loss of US$100m, the US$23m market-cap company alleviated its loss by moving closer towards its target of breakeven. As path to profitability is the topic on REE Automotive's investors mind, we've decided to gauge market sentiment. In this article, we will touch on the expectations for the company's growth and when analysts expect it to become profitable.

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According to the 2 industry analysts covering REE Automotive, the consensus is that breakeven is near. They expect the company to post a final loss in 2027, before turning a profit of US$28m in 2028. So, the company is predicted to breakeven approximately 3 years from today. How fast will the company have to grow each year in order to reach the breakeven point by 2028? Working backwards from analyst estimates, it turns out that they expect the company to grow 60% year-on-year, on average, which is rather optimistic! If this rate turns out to be too aggressive, the company may become profitable much later than analysts predict.

NasdaqCM:REE Earnings Per Share Growth December 31st 2025

We're not going to go through company-specific developments for REE Automotive given that this is a high-level summary, but, bear in mind that generally a high forecast growth rate is not unusual for a company that is currently undergoing an investment period.

Check out our latest analysis for REE Automotive

One thing we would like to bring into light with REE Automotive is its relatively high level of debt. Generally, the rule of thumb is debt shouldn’t exceed 40% of your equity, which in REE Automotive's case is 61%. A higher level of debt requires more stringent capital management which increases the risk around investing in the loss-making company.

Next Steps:

This article is not intended to be a comprehensive analysis on REE Automotive, so if you are interested in understanding the company at a deeper level, take a look at REE Automotive's company page on Simply Wall St. We've also compiled a list of relevant aspects you should further research:

Historical Track Record: What has REE Automotive's performance been like over the past? Go into more detail in the past track record analysis and take a look at the free visual representations of our analysis for more clarity.

Management Team: An experienced management team on the helm increases our confidence in the business – take a look at who sits on REE Automotive's board and the CEO’s background.

Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here.

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

Even if it's not a huge purchase, we think it was good to see that Alexius Chan, the Non-Executive Director of Vital Metals Limited (ASX:VML) recently shelled out AU$84k to buy stock, at AU$0.10 per share. While we're hesitant to get too excited about a purchase of that size, we do note it increased their holding by a solid 32%.

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The Last 12 Months Of Insider Transactions At Vital Metals

Notably, that recent purchase by Alexius Chan is the biggest insider purchase of Vital Metals shares that we've seen in the last year. Although we like to see insider buying, we note that this large purchase was at significantly below the recent price of AU$0.17. Because it occurred at a lower valuation, it doesn't tell us much about whether insiders might find today's price attractive.

In the last twelve months Vital Metals insiders were buying shares, but not selling. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

View our latest analysis for Vital Metals

ASX:VML Insider Trading Volume December 31st 2025

Vital Metals is not the only stock that insiders are buying. For those who like to find small cap companies at attractive valuations, this free list of growing companies with recent insider purchasing, could be just the ticket.

Insider Ownership Of Vital Metals

I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. From our data, it seems that Vital Metals insiders own 8.8% of the company, worth about AU$2.2m. We do note, however, it is possible insiders have an indirect interest through a private company or other corporate structure. Whilst better than nothing, we're not overly impressed by these holdings.

So What Does This Data Suggest About Vital Metals Insiders?

The recent insider purchase is heartening. And an analysis of the transactions over the last year also gives us confidence. However, we note that the company didn't make a profit over the last twelve months, which makes us cautious. On this analysis the only slight negative we see is the fairly low (overall) insider ownership; their transactions suggest that they are quite positive on Vital Metals stock. While it's good to be aware of what's going on with the insider's ownership and transactions, we make sure to also consider what risks are facing a stock before making any investment decision. To that end, you should learn about the 5 warning signs we've spotted with Vital Metals (including 3 which shouldn't be ignored).

If you would prefer to check out another company — one with potentially superior financials — then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests.

As the Australian market approaches the end of the year, it appears to be winding down with a slight dip, likely due to profit-taking ahead of the holiday season. Despite this temporary lull, small-cap stocks continue to attract attention for their potential growth opportunities, especially in sectors like mining and technology where recent developments have shown promising signs.

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%	★★★★★★
Djerriwarrh Investments	2.39%	8.18%	7.91%	★★★★★★
Energy World	NA	-47.50%	-44.86%	★★★★★☆
Zimplats Holdings	5.44%	-9.79%	-42.03%	★★★★★☆
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.

Let’s dive into some prime choices out of from the screener.

Cogstate

Simply Wall St Value Rating: ★★★★★★

Overview: Cogstate Limited is a neuroscience solutions company that develops and commercializes digital brain health assessments globally, with a market capitalization of A$387.87 million.

Operations: Cogstate generates revenue primarily from its Clinical Trials segment, contributing $50.58 million, while the Healthcare segment adds $2.51 million.

Cogstate, a neuroscience tech firm focusing on digital brain health assessments, is capitalizing on strategic partnerships and AI innovation to broaden its market presence. With no debt compared to five years ago when the debt-to-equity ratio was 16.4%, Cogstate’s financial health seems robust. The company’s earnings growth of 86% over the past year surpasses the industry average of 20%. Analysts forecast an annual revenue increase of 7.6% over three years and project profit margins rising from 19.1% to 21.5%. Trading at A$1.69, with a target price of A$2.19, suggests potential upside amid competitive pressures and regulatory challenges.

Cogstate’s strategic partnership with Medidata enhances its market reach and revenue potential. Click here to explore the full narrative on Cogstate’s growth strategy.

ASX:CGS Debt to Equity as at Dec 2025GenusPlus Group

Simply Wall St Value Rating: ★★★★★★

Overview: GenusPlus Group Ltd specializes in the installation, construction, and maintenance of power and communication systems in Australia, with a market capitalization of A$1.14 billion.

Operations: GenusPlus Group generates revenue through three primary segments: Infrastructure (A$405.10 million), Energy & Engineering (A$224.06 million), and Services (A$122.11 million).

With a strong foothold in Australia’s renewable energy sector, GenusPlus Group is poised to benefit from the country’s grid upgrades and diverse project pipeline that reduces geographic risks. The company has strategically reduced its debt to equity ratio from 7% to 6.3% over five years, while maintaining profitability with more cash than total debt. Earnings growth of 83.6% last year outpaced the industry average by a significant margin, showcasing high-quality earnings potential. However, challenges such as integration issues from acquisitions and reliance on government infrastructure spending could impact future performance despite projected annual revenue growth of 14.2%.

GenusPlus Group is strategically expanding into higher-margin segments like battery energy storage. Explore the full narrative on GenusPlus Group’s strategic expansion and market positioning.

ASX:GNP Debt to Equity as at Dec 2025Tasmea

Simply Wall St Value Rating: ★★★★★☆

Overview: Tasmea Limited specializes in providing shutdown, maintenance, emergency breakdown, and capital upgrade services across Australia with a market capitalization of A$1.10 billion.

Operations: Tasmea generates revenue primarily from Electrical Services (A$212.71 million), Civil Services (A$103.07 million), and Mechanical Services (A$144.87 million). Water & Fluid services contribute A$87.06 million to the total revenue.

Tasmea, a smaller player in the construction sector, showcases impressive earnings growth of 74.9% over the past year, significantly outpacing the industry average of 6.5%. Despite its high net debt to equity ratio at 59.8%, Tasmea’s interest payments are well-covered by EBIT at 10.5 times, indicating robust financial health in this regard. The company recently completed a follow-on equity offering worth A$27.5 million and announced an acquisition of WorkPac, suggesting strategic expansion plans. Trading nearly half below its estimated fair value and with forecasted earnings growth of 15.96% annually, Tasmea seems poised for further development despite its debt concerns.

ASX:TEA Debt to Equity as at Dec 2025Summing It All Up

Gain an insight into the universe of 59 ASX Undiscovered Gems With Strong Fundamentals by clicking here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ASX:CGS ASX:GNP and ASX:TEA.

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

VANCOUVER, BC / ACCESS Newswire / December 31, 2025 / 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 provide a summary of all analytical results from its 2025 regional exploration drilling program and 2026 outlook at the 100%-owned Cap Critical Minerals Project ("Cap" or the "Project") in central British Columbia.

Highlights

Expanded mineralization from CAP25-006, which returned 124.5 m of 0.27% Nb₂O₅, encompassing the previously announced 36 m of 0.59% Nb₂O₅ that included 10 m at 1.08% Nb₂O₅.
The additional drill holes in 2025 were designed to test regional target areas. The niobium enriched discovery in CAP25-006 remains open in multiple directions and a priority area for follow-up drilling in 2026 (see Figure 1).
Multiple REE-enriched intervals were returned across the 2025 drilling, including two significant zones grading between 1.08% and 1.33% REO over 3.0 m and 3.4 m in CAP25-005 and CAP25-006, respectively, demonstrating strong rare earth potential within the carbonatite system.
Significant phosphate mineralization occurs in both high-grade and broad intervals, with P₂O₅ grades up to 16.2% over 3.8m (CAP25-007) and several intervals exceeding 5% P₂O₅; including 6.2% P₂O₅ over 45 m (CAP25-007) and 4.5% P₂O₅ over 97.2 m (CAP25-012)
The new geophysical survey results (see News Release dated November 12, 2025) show a massive buried magnetic anomaly that has yet to be tested at depth (see Figure 2). Testing this high-priority target and following up on the new near-surface niobium discovery will be the dual focus for 2026 drilling.

Sean Charland, CEO of Apex Critical Metals, stated: "The drilling highlight of the 2025 program remains the near-surface, high-grade niobium discovery, with the additional assay results showing a broader interval in CAP25-006 and further niobium, phosphate and REE mineralization in other regional target areas, which reinforces our interpretation of a large, fertile carbonatite system. We are equally excited by the intensity and scale of the untested magnetic anomaly to the southeast of our 2025 regional program, underscoring the opportunity and exploration upside at Cap."

The 2025 exploration program consisted of nine (9) helicopter-supported NQ diamond drillholes totaling 2,323 m (Table 2). The remaining results confirm widespread niobium, rare earth element and phosphate mineralization across multiple drillholes and substantially expand the mineralized interval previously reported from discovery hole CAP25-006. Collectively, the results demonstrate that Cap hosts potential for a large, fertile, multi-phase carbonatite system that remains open and underexplored.

Previously released rush assays from CAP25-006 reported 36 m averaging 0.59% Nb₂O₅, including 10 m at 1.08% Nb₂O₅, beginning at only 33.5 m downhole (see News Release dated August 27, 2025). Complete assays now show that this zone is part of a much broader mineralized interval totaling 124.5 m averaging 0.27% Nb₂O₅, confirming continuity and scale. This niobium enriched zone was not directly followed up on during the 2025 first pass regional drilling campaign and remains open both laterally (see Figure 1 below) and at depth.

Figure 1: Map showing location of 2025 drillholes over total magnetic intensity from 2025 airborne survey

The assay results also demonstrate meaningful rare earth element potential at Cap. As outlined in Table 1, multiple REE-bearing intervals were intersected across the 2025 drilling, including intervals grading between 1.08% and 1.33% REO over 3.0 m and 3.4 m in CAP25-005 and CAP25-006, respectively. Localized samples exceeding 2% REO indicate enrichment and support a broader critical-metal signature within the carbonatite system (Table 1).

Phosphate mineralization is well developed across the Project, with assay results returning both high-grade and broad continuous intervals. Results reach up to 16.2% P₂O₅, over 3.8 m with intervals including 45.0 m at 6.22% from CAP25-007 and 58.2 m at 5.63% from CAP25-012 (Table 1). The distribution of these phosphate-rich zones across multiple drillholes further supports the interpretation of a large carbonatite system.

The Company completed a geophysical survey near the end of the exploration season concurrent to its final drill holes to better detail andto further refine subsurface targeting. The survey outlined a large magnetic anomaly interpreted to represent a buried intrusive body (Figure 2). To date, this anomaly has only been tested by a single historical (2017) drill hole that did not reach the interpreted target depth. The size, strength, and limited drill testing of this feature present a compelling opportunity for follow-up, with several well-positioned drill holes planned for the 2026 exploration season.

Figure 2: Map showing 2025 drilling location and significant untested magnetic anomaly to the southeast, outlined from 2025 airborne geophysical survey

Table 1 Drillhole Assay Summary

The Company will now incorporate the full 2025 assay dataset and newly acquired airborne magnetic survey results into an updated geological model. This work will support the design of the 2026 drill program, which is expected to focus on step-out drilling around the CAP25-006 niobium discovery and initial testing of high-priority targets generated from the 2025 airborne geophysical survey. The 2025 exploration program was a success in advancing the Company's understanding of the carbonatite system at Cap and refining the focus for the year ahead.

The near-term focus remains on the Company's flagship Rift Rare Earth Project in Nebraska, USA, where significant progress is being made towards a fully funded drill program, which is expected to commence in early Q1/2026.

Table 2 Drillhole Locations and Attributes

Quality Assurance / Quality Control

All drilling was completed using a helicopter supported diamond drill rig with NQ size core and all drill core samples have been or will be shipped to Activation Laboratories Ltd. preparation facility in Kamloops, British Columbia, for standard sample preparation (code RX1) which includes drying, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm. The samples were subsequently analyzed using Code 8 by XRF Nb₂O₅, ZrO2 and Ta2O5 (0.003%), Code 8 – REE Assay (lithium metaborate/tetraborate fusion with subsequent analysis by ICP and ICP/MS). Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box onsite.

A Quality Assurance/Quality Control protocol was incorporated into the program and included the insertion of certified reference material and silica blanks at a rate of approximately 5% and 5%, respectively.

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 (EGBC Licence 48336). Mr. Schmidt is a Geologist with Dahrouge Geological Consulting Ltd. (EGBC Permit to Practice 1003035), the consulting firm engaged by Apex Critical Metals Corp. to conduct and oversee all of the Company's exploration work, including the 2025 drill program.

Mr. Schmidt has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

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 with respect to follow-up drilling on the Cap Project in 2026, the potential for the Cap Project to host a large, fertile multi-phase carbonatite system, statements regarding the Company's growing portfolio of critical mineral projects in Canada and the United States and the potential for exploration. 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

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

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

Below, we take a look at BHP (BHP), a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

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

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

Set to Beat the Market?

Let's discuss some of the components of the Momentum Style Score for BHP that show why this global miner shows promise as a solid momentum pick.

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

For BHP, shares are up 4.33% over the past week while the Zacks Mining – Miscellaneous industry is up 3.88% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 9.46% compares favorably with the industry's 3.82% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Over the past quarter, shares of BHP have risen 7.9%, and are up 23.8% in the last year. In comparison, the S&P 500 has only moved 3.98% and 16.97%, respectively.

Investors should also take note of BHP's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now BHP is averaging 2,810,768 shares for the last 20 days..

Earnings Outlook

The Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with BHP.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost BHP's consensus estimate, increasing from $3.99 to $4.51 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom Line

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

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

Zacks Investment Research

REE Automotive Ltd.

Extension Allows Additional Time to Meet Minimum Bid Price Requirement
Company Remains Focused on Compliance Strategy and Execution

TEL AVIV, Israel, Dec. 30, 2025 (GLOBE NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE), an automotive technology company that develops software-defined vehicle (SDV) technology solutions, today announced that the Nasdaq Stock Market LLC (Nasdaq) has granted the Company’s request for a 180-day extension to meet the $1 minimum bid price requirement.

On July 1, 2025, Nasdaq notified the Company that the closing bid price of its Class A ordinary shares had been below $1.00 for 30 consecutive business days, triggering a deficiency under the Minimum Bid Price Requirement. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), REE was provided an initial 180-day period through December 29, 2025 to regain compliance.

Following REE’s requested extension, on December 30, 2025 Nasdaq determined that REE meets all other applicable continued listing criteria and granted REE an additional 180-day extension through June 29, 2026 to cure the deficiency. During this second compliance period, REE’s Class A ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “REE,” and the extension has no immediate effect on the listing or trading of the Company’s securities.

To regain compliance, the Company’s ordinary shares must achieve a closing bid price of at least $1.00 per share for at least a minimum of 10 consecutive business days during the additional compliance period, in accordance with Nasdaq Listing Rule 5810(c)(3)(H), after which Nasdaq will provide written confirmation of compliance. The Company intends to monitor the closing bid price of its shares and evaluate all available options to regain compliance within the allotted timeframe, including effecting a reverse stock split, if necessary.

“We remain focused on executing our strategy and are committed to taking the steps necessary to regain compliance with Nasdaq’s listing requirements,” said Daniel Barel, Co-founder and CEO of REE. “We appreciate Nasdaq’s consideration and the additional time provided as we continue to advance our technology and engage with partners and customers.”

About REE AutomotiveREE Automotive (Nasdaq: REE) is an automotive technology company that develops and produces software-defined vehicle (SDV) technology designed to manage vehicle operations and features through proprietary software. REE’s advanced Zonal SDV Architecture is designed to integrate seamlessly with legacy systems to improve vehicle safety, performance, and reliability. By centralizing key vehicle functions, the architecture seeks to enhance modularity, redundancy, and stability, and to enable safer and more efficient vehicle platforms. Powered by secured AI and deep over-the-air upgradability, REE’s technology allows for continuous updates and improvements throughout a vehicle’s lifespan. This makes Powered by REE® vehicles adaptable to customer and market changes and designed with future autonomy and connectivity in mind. REE was the first company to FMVSS certify a full by-wire vehicle in the U.S. Its proprietary by-wire technology for drive, steer, and brake control removes the need for mechanical linkages, supporting flexible design and optimized performance. Through its approach of “complete not compete,” REE enables original equipment manufacturers and technology companies to license its SDV technology, allowing them to design and build vehicles tailored to their specific requirements using REE’s scalable, future-ready platform. To learn more visit www.ree.auto.

Media ContactKeren Shemesh Chief Marketing Officer for REE AutomotiveMedia@ree.auto

Investor ContactHai AvivChief Finance Officer for REE Automotiveinvestors@ree.auto

Caution About Forward-Looking StatementsThis press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, among others, statements regarding the Company’s ability to regain compliance with minimum bid price requirement by June 29, 2026, any additional time to regain compliance thereafter, including through a reverse stock split, and any appeal of any Nasdaq determination to delist REE’s Class A ordinary shares. Actual results of matters addressed in these forward-looking statements involve risks and uncertainties and may differ substantially from those expressed or implied. Factors that could cause actual results to differ are discussed in the sections entitled “Cautionary Note Regarding Forward-Looking Statements”, “Risk Factors”, and “Operating and Financial Review and Prospects” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025, as updated by the REE’s subsequent filings with the SEC. In addition, the memorandum of understanding is non-binding and contains different project phases, which may not occur and/or result in successful completion. The forward-looking statements in this press release speak only as of the date of this press release, and we undertake no obligation to update any forward-looking statements.

REE Automotive Ltd.

TEL AVIV, Israel, Dec. 30, 2025 (GLOBE NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE) (“REE” or the “Company”), an automotive technology company that develops software-defined vehicle (SDV) technology and provides full by-wire platforms, today announced financial results for the six months ended June 30, 2025.

“Over the past several months, we’ve taken decisive actions intended to accelerate delivery of our software-defined vehicle technologies, improve our cost structure, and strengthen execution. This includes shifting from capital-intensive vehicle production to a technology-first approach focused on collaborating with original equipment manufacturers (OEMs) and strategic partners with the goal of bringing our technology to the market faster and to drive broad adoption across multiple vehicle platforms,” said Daniel Barel, Co-Founder and Chief Executive Officer of REE. “During this period, we implemented meaningful changes to optimize our cost structure while deepening existing strategic partnerships and pursuing new opportunities with companies that benefit from our SDV technology.”

“We met our goal and converted the previously announced MOU with a leading technology company into a binding agreement. This program will be focused on developing a software-defined autonomous public transport shuttle based on REE’s Zonal Architecture SDV technology and utilizes our REEcorner™. During the development program, REE will design and manufacture several prototypes, and any procurement of the REEcorner™ for serial production will be subject to a separate serial supply agreement. The implementation of the binding agreement is pending the satisfaction of certain closing conditions by the leading technology company, which are outside of REE’s control. If the closing conditions are satisfied, the program is expected to commence and is estimated to generate up to approximately $107 million over a two-year period following commencement.”

“In November 2025, we also announced an MOU with Mitsubishi Fuso Truck and Bus Corporation (Mitsubishi Fuso) to explore and evaluate the application of our SDV capabilities, including our Zonal Architecture SDV and x-by-wire technologies, in a commercial-vehicle context. The joint project under the MOU is already underway and as part of this collaboration, the companies plan to assess the integration of REE’s technology on a Mitsubishi Fuso platform and evaluate the potential for broader future use, subject to the outcomes of the evaluation and any subsequent agreements. We believe there is significant potential with Mitsubishi Fuso to expand our SDV offering to the market post-2030, subject to completing a successful evaluation of our technology and entering into a separate nomination agreement.

“Additionally, we have recently signed an MOU with Cascadia Motion (a wholly-owned subsidiary of BorgWarner Inc.) to co-develop and commercialize a next generation electric drive unit (EDU) built on REEcorner™ technology. This compact, cross-platform combines BorgWarner’s Cascadia expertise with REE’s technology to provide OEMs with a scalable solution that meets growing global demand for electrification. Under a phased plan, including a royalty-bearing arrangement, Cascadia will have an exclusive option to distribute the EDU, and with the market estimated by industry research estimates to double by 2035, we believe this partnership may position REE to capture significant growth.

“Operationally, we made significant progress on delivering on our commitment to reduce our operating expenses1 from a monthly average of approximately $6 million in the first half of 2025 to an estimated monthly average of $3.1 to $3.3 million in the fourth quarter of 2025. We are currently targeting to reduce it further to approximately $1.8 million per month by the end of the first quarter of 2026, subject to the execution of our cost reduction plan, which includes a reduction-in-force, other operational efficiencies and other factors, representing a 70% reduction compared to the first half of 2025. We believe that this disciplined approach underscores our commitment to delivering our long-term objectives and creating value for our shareholders,” said Daniel Barel.

Six Months Financial Results as of June 30, 2025, and Recent Highlights

$54.7 million in cash & cash equivalents as of June 30, 2025, compared to $72.3 million in cash & cash equivalents and short-term investments as of December 31, 2024. Each inclusive of a credit facility in the amount of $18 million. As of November 30, 2025, our cash and cash equivalents were $17.2 million, excluding the credit facility.
Free Cash Flow (FCF) burn increased by 31% from $39.9 million for the six months ended June 30, 2024 to $52.5 million for the six months ended June 30, 2025, primarily derived from production-related costs in the first quarter of 2025 that were mainly derived from tooling investments and inventory as part of the P7 program.
U.S. Generally Accepted Accounting Principles (GAAP) net loss decreased by approximately 33% from $36.0 million for the six months ended June 30, 2024 to $24.3 million for the six months ended June 30, 2025. The year-over-year (YoY) decrease in net loss was primarily driven by non-cash income from the remeasurement of warrants and derivative liabilities. This income was partially offset by non-cash inventory write-downs and impairment of long-lived assets, as well as by the recognition of a UK research and development (R&D) tax credit and grants from the UK government in the first half of 2024.
Non-GAAP net loss increased by approximately 8% from $33.7 million for the six months ended June 30, 2024 to $36.5 million for the six months ended June 30, 2025. The YoY increase was primarily driven by the recognition of a UK R&D tax credit and grants from the UK government in the first half of 2024.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Prepared remarks and a review of H1 financial are available at: LINK

To learn more about REE Automotive’s patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto.

1 Monthly average for operating expenses sets forth the Company’s ongoing operating expenses while excluding one-time charges including but not limited to: non-cash expenses such as impairment, inventory write-offs and share-based compensation expenses, one-time costs related to our production pause and reduction-in-force plans, grants received and R&D tax credits and other non-recurring expenses that are not considered by the management as ongoing operating expenses.

Non-GAAP Financial Measures

We have provided financial information in this press release that has not been prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

We believe that Free Cash Flow (FCF) tis a liquidity measure that provides useful information to management and investors about the amount of cash used in our operational activities and capital expenditures. Free Cash flow burn represents the negative cash outflow used in our activities as explained above.

We believe that non-GAAP net loss reflects an additional means of evaluating REE’s ongoing operating results and trends. We believe that this non-GAAP measure provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

About REE Automotive

REE Automotive (Nasdaq: REE) is an automotive technology company that develops and produces software-defined vehicle (SDV) technology designed to manage vehicle operations and features through proprietary software. REE’s advanced Zonal SDV Architecture is designed to integrate seamlessly with legacy systems to improve vehicle safety, performance, and reliability. By centralizing key vehicle functions, the architecture seeks to enhance modularity, redundancy, and stability, and to enable safer and more efficient vehicle platforms. Powered by secured AI and deep over-the-air upgradability, REE’s technology allows for continuous updates and improvements throughout a vehicle’s lifespan. This makes Powered by REE® vehicles adaptable to customer and market changes and designed with future autonomy and connectivity in mind. REE was the first company to FMVSS certify a full by-wire vehicle in the U.S. Its proprietary by-wire technology for drive, steer, and brake control removes the need for mechanical linkages, supporting flexible design and optimized performance. Through its approach of “complete not compete,” REE enables original equipment manufacturers and technology companies to license its SDV technology, allowing them to design and build vehicles tailored to their specific requirements using REE’s scalable, future-ready platform. www.REE.auto

Caution About Forward-Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, among others, statements regarding REE’s strategic shift to a technology-first business model; the anticipated timing, scope, benefits, and value of collaborations, commercial arrangements, and development programs; the potential to generate up to $107 million in revenue under a binding agreement that replaced a previously announced MOU; the potential for the closing conditions of the binding agreement with a leading technology company to be met and such agreement to be implemented; anticipated future agreements; market opportunities, including the EDU market doubling by 2035; targeted cash burn reductions and liquidity; the belief that REE’s disciplined approach underscores its commitment to delivering its long-term objectives and creating value for its shareholders; and projected capital needs. Although REE has entered into a binding agreement that contemplates up to $107 million in potential revenue, REE cannot predict whether or when the related project will commence. Project commencement depends solely on the satisfaction of specified closing conditions by the counterparty, which are outside REE’s control. If those conditions are not met, or are met later than expected, the project may be delayed or may not proceed, and anticipated revenue may never be realized. Actual results of matters addressed in these forward-looking statements involve risks and uncertainties and may differ substantially from those expressed or implied. Factors that could cause actual results to differ are discussed in the sections entitled “Cautionary Note Regarding Forward-Looking Statements”, “Risk Factors”, and “Operating and Financial Review and Prospects” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025, as updated by the REE’s subsequent filings with the SEC, including in the section titled “Risk Factors” in Exhibit 99.3 to Form 6-K that we furnished to the SEC on December 30, 2025. In addition, each of our memorandums of understanding contain aspects that are non-binding and different phases, which may not occur and/or result in successful completion. Market and industry forecasts are inherently uncertain and actual market growth may differ materially from such estimates. Our ability to execute our strategic plan depends on our ability to maintain sufficient liquidity, access capital if needed, and manage cash expenditures. Even where we enter into binding agreements or MOUs, counterparties may delay or fail to perform, may not proceed to commercialization, may not exercise options or enter into serial production or nomination agreements, and we may not realize anticipated revenue, royalties, or other benefits. The forward-looking statements in this press release speak only as of the date of this press release, and we undertake no obligation to update any forward-looking statements.

REE AUTOMOTIVE LTD.Condensed Consolidated Statements of Comprehensive LossU.S. dollars in thousands (except share and per share data) (Unaudited)
	Six Months Ended
		June30,			June30,
		2025			2024
Revenues	$	184		$	160
Cost of revenues		14,504			1,455
Gross loss	$	(14,320	)	$	(1,295	)
Operating expenses:
Research and development expenses, net		30,040			23,421
Selling, general and administrative expenses		11,525			14,101
Other expenses		20,080			—
Total operating expenses		61,645			37,522
Operating loss	$	(75,965	)	$	(38,817	)
Income from warrants remeasurement		38,539			1,880
Financial income, net		11,289			2,261
Net loss before income tax		(26,137	)		(34,676	)
Taxes on income (tax benefit)		(1,823	)		1,294
Net loss	$	(24,314	)	$	(35,970	)
Net comprehensive loss	$	(24,314	)	$	(35,970	)
Basic and diluted net loss per Class A ordinary share	$	(0.81	)	$	(3.01	)
Weighted average number of ordinary shares used in computing basic and diluted net loss per share		30,043,892			11,934,325

REE AUTOMOTIVE LTD.Condensed Consolidated Balance SheetsU.S. dollars in thousands (except share and per share data) (Unaudited)
	June30,2025			December31,2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	54,668		$	72,262
Accounts receivable		53			11
Inventory		—			3,075
Other accounts receivable and prepaid expenses		6,404			7,158
Total current assets		61,125			82,506

NON-CURRENT ASSETS:
Non-current restricted cash		1,998			2,510
Other accounts receivable and prepaid expenses		2,421			3,091
Operating lease right-of-use assets		16,863			20,063
Property and equipment, net		7,135			22,110
Total non-current assets		28,417			47,774
TOTAL ASSETS	$	89,542		$	130,280

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short term loan	$	18,004		$	18,008
Trade payables		2,429			5,602
Other accounts payable and accrued expenses		10,538			7,966
Operating lease liabilities		4,184			4,607
Total current liabilities		35,155			36,183

NON-CURRENT LIABILITIES:
Warrants liability		2,611			41,150
Convertible promissory notes		3,841			14,758
Deferred tax liability		—			1,782
Operating lease liabilities		11,986			13,279
Total non-current liabilities		18,438			70,969
TOTAL LIABILITIES		53,593			107,152

SHAREHOLDERS’ EQUITY:
Ordinary shares of no par value		—			—
Additional paid-in capital		1,008,153			971,018
Accumulated deficit		(972,204	)		(947,890	)
Total shareholders’ equity		35,949			23,128
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	89,542		$	130,280

REE AUTOMOTIVE LTD.Condensed Consolidated Statements of Cash FlowsU.S. dollars in thousands (Unaudited)
	Six Months Ended
	June 30,2025			June 30,2024
Cash flows from operating activities:

Net loss	$	(24,314	)	$	(35,970	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		2,000			1,608
Share-based compensation		2,773			5,638
Change in fair value of warrants liability		(38,539	)		(1,880	)
Change in fair value of derivative liability		(11,787	)		(1,448	)
Amortization of discount of convertible promissory note		407			224
Interest expenses		459			433
Impairment of long-lived assets		20,080			—
Decrease in accrued interest on short-term investments		—			168
Decrease (increase) in inventory		3,075			(1,585	)
Decrease (increase) in accounts receivable		(42	)		455
Increase in other accounts receivable and prepaid expenses		(479	)		(4,829	)
Change in operating lease right-of-use assets and liabilities, net		1,156			449
Increase (decrease) in trade payables		(3,432	)		506
Increase (decrease) in other accounts payable and accrued expenses		2,572			(2,237	)
Increase (decrease) in deferred tax liability		(1,782	)		436
Net cash used in operating activities		(47,853	)		(38,032	)

Cash flows from investing activities:

Purchase of property and equipment		(4,615	)		(1,916	)
Proceeds from short-term investments		—			20,000
Net cash provided by (used in) investing activities		(4,615	)		18,084

Cash flows from financing activities:

Proceeds from issuance of Ordinary shares, net		34,361			14,463
Proceeds from exercise of options and warrants		1			—
Repayment of short term loan		(18,000	)		(15,000	)
Proceeds from short term loan		18,000			15,000
Net cash provided by financing activities		34,362			14,463

Decrease in cash, cash equivalents and restricted cash		(18,106	)		(5,485	)
Cash, cash equivalents and restricted cash at beginning of year		74,772			44,240
Cash, cash equivalents and restricted cash at end of period	$	56,666		$	38,755

Reconciliation of GAAP Financial Metrics to Non-GAAPU.S. dollars in thousands (except share and per share data) (Unaudited)Reconciliation of Net Loss to Adjusted EBITDA
	Six Months Ended
	Jun 30,2025			Jun 30,2024
Net loss on a GAAP Basis	$	(24,314	)	$	(35,970	)
Financial income, net		(11,289	)		(2,261	)
Taxes on income (tax benefit)		(1,823	)		1,294
Income from warrants remeasurement		(38,539	)		(1,880	)
Depreciation, amortization and accretion		4,211			3,273
Share-based compensation		2,773			5,638
Inventory write-downs and non-recurring expenses related to pause in production (1)		13,390			—
Impairment of long-lived assets (2)		20,080			—
Non-recurring expenses related to reduction-in-force (3)		1,886			—
Adjusted EBITDA	$	(33,625	)	$	(29,906	)

(1) Includes inventory write-downs to net realizable value and write-offs of inventory that currently has no operational use and one-time costs related to the pause in production.(2) Impairment charges of long-lived assets.(3) Includes one-time expenses related to reduction-in-force plan.

Reconciliation of net cash used in operating activities to Free Cash Flow
	Six Months Ended
	Jun 30,2025			Jun 30,2024
Net cash used in operating activities	$	(47,853	)	$	(38,032	)
Purchase of property and equipment		(4,615	)		(1,916	)
Free Cash Flow	$	(52,468	)	$	(39,948	)

Reconciliation of GAAP operating expenses to Non-GAAP operating expenses; GAAP net loss to Non-GAAP net loss, and presentation of Non-GAAP net loss per Share, basic and diluted:
	Six Months Ended
	Jun 30,2025			Jun 30,2024
GAAP operating expenses	$	61,645		$	37,522
Share-based compensation		(2,773	)		(5,638	)
Impairment of long-lived assets (2)		(20,080	)		—
Non-recurring expenses related to reduction-in-force (3)		(1,886	)		—
Non-GAAP operating expenses	$	36,906		$	31,884

GAAP net loss	$	(24,314	)	$	(35,970	)
Income from warrants remeasurement		(38,539	)		(1,880	)
Income from derivatives remeasurement		(11,787	)		(1,448	)
Share-based compensation		2,773			5,638
Inventory write-downs and non-recurring expenses related to pause in production (1)		13,390			—
Impairment of long-lived assets (2)		20,080			—
Non-recurring expenses related to reduction-in-force (3)		1,886			—
Non-GAAP net loss	$	(36,511	)	$	(33,660	)

Weighted average number of ordinary shares used in computing basic and diluted net loss per share		30,043,892			11,934,325
Non-GAAP basic and diluted net loss per share	$	(1.22	)	$	(2.82	)

As the Australian market approaches the holiday season, it is witnessing a slight downturn, with the ASX experiencing a 0.2% drop amidst profit-taking activities and early closures for Christmas. Despite this lull, small-cap stocks continue to capture interest due to their potential for growth in sectors like precious metals and defense technologies. In this context, identifying undervalued companies with strong fundamentals and innovative strategies can offer promising opportunities for investors seeking to uncover hidden gems in Australia’s vibrant market landscape.

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%	★★★★★★
Spheria Emerging Companies	NA	-1.31%	0.28%	★★★★★★
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%	★★★★★☆
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.

Below we spotlight a couple of our favorites from our exclusive screener.

Australian United Investment

Simply Wall St Value Rating: ★★★★☆☆

Overview: Australian United Investment Company Limited is a publicly owned investment manager with a market cap of A$1.41 billion.

Operations: The company generates revenue primarily from investments, amounting to A$57 million. It has a market cap of approximately A$1.41 billion.

Australian United Investment (AUI) showcases a strong financial foundation with its net debt to equity ratio at a satisfactory 1.5%, reflecting prudent financial management. Over the past five years, AUI has reduced its debt to equity from 9.1% to 1.9%, indicating effective debt reduction strategies. The company’s high-quality earnings are complemented by robust interest coverage, with EBIT covering interest payments 22.8 times over, ensuring financial stability and resilience in challenging market conditions. Despite a modest annual earnings growth of 4.6% over the last five years, AUI remains profitable with positive free cash flow and no immediate cash runway concerns.

ASX:AUI Debt to Equity as at Dec 2025Fiducian Group

Simply Wall St Value Rating: ★★★★★★

Overview: Fiducian Group Ltd operates in Australia offering a range of financial services through its subsidiaries and has a market cap of approximately A$378.81 million.

Operations: The company’s primary revenue streams include financial planning (A$29.66 million), funds management (A$25.59 million), corporate services (A$17.67 million), and platform administration (A$16.45 million).

Fiducian Group, a nimble player in the financial landscape, stands out with its debt-free status over the past five years. This lack of debt removes any concerns about interest coverage and highlights its robust financial health. The company has demonstrated impressive earnings growth of 23.5% over the last year, significantly outpacing the broader Capital Markets industry growth of 6%. With high-quality earnings and a favorable price-to-earnings ratio of 20.4x compared to the Australian market’s 21.7x, Fiducian seems well-positioned for continued success in its sector.

ASX:FID Debt to Equity as at Dec 2025Omni Bridgeway

Simply Wall St Value Rating: ★★★★★☆

Overview: Omni Bridgeway Limited operates as a global provider of dispute and litigation finance services across multiple regions including Australia, the United States, and Europe, with a market capitalization of A$432.40 million.

Operations: Omni Bridgeway generates revenue primarily from funding and providing services related to legal dispute resolution, amounting to A$87.77 million.

Omni Bridgeway, a promising player in the Australian market, recently turned profitable, making it stand out in the financial sector. The company’s price-to-earnings ratio of 1.2x positions it attractively against the broader Australian market at 21.7x. Despite a forecasted earnings decline averaging 148% annually over three years, revenue is expected to grow by nearly 24% per year. Omni Bridgeway’s debt management shines with a reduction in its debt-to-equity ratio from 18.7% to just 2.3% over five years and having more cash than total debt ensures financial stability moving forward into potential growth opportunities.

ASX:OBL Earnings and Revenue Growth as at Dec 2025Seize The Opportunity

Reveal the 59 hidden gems among our ASX Undiscovered Gems With Strong Fundamentals screener with a single click here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ASX:AUI ASX:FID and ASX:OBL.

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

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESS Newswire / December 30, 2025 / Stillwater Critical Minerals Corp. (TSX.V:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company", or "Stillwater") is pleased to announce the closing of its previously announced "bought deal" private placement (the "Offering") for gross proceeds of C$17,000,220, which includes the exercise in full of an over-allotment option. Pursuant to the Offering, the Company sold 36,957,000 units of the Company (each, a "Unit") at a price of C$0.46 per Unit (the "Offering Price"). Under the Offering, Red Cloud Securities Inc. acted as co-lead underwriter and sole bookrunner along with Research Capital Corporation (collectively, the "Underwriters") as co-lead underwriter.

Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") at a price of C$0.64 at any time on or before December 30, 2028.

The Company intends to use the net proceeds of the Offering for the exploration and advancement of the Company's flagship Stillwater West Ni-PGE-Cu-Co+Au project in the Stillwater mining district in Montana, U.S., as well as for general corporate purposes and working capital, as is more fully described in the Amended Offering Document (as defined herein).

In accordance with National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"), the Units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption"). The Common Shares and the Warrant Shares underlying the Units are immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units were also sold to purchasers in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended(the "U.S. Securities Act"). All securities not issued pursuant to the Listed Issuer Financing Exemption are subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the issue date.

"As a result of strong support demonstrated in this placement, we are ending 2025 with funds in place for a robust 2026 season" said Michael Rowley, President and CEO. "We look forward to near-term catalysts including drill results and updates on government initiatives as well as the planned update to our mineral resource estimate as we advance Stillwater West as a primary source of ten minerals designated as critical in the U.S."

As consideration for their services in the Offering, the Underwriters received aggregate cash fees of C$987,114 and 2,145,900 non-transferable common share purchase warrants (the "Broker Warrants"). Each Broker Warrant is exercisable into one Common Share at the Offering Price for a period of thirty-six (36) months from the date of issuance. The Broker Warrants are subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the issue date, being May 1, 2026.

There is an amended and restated offering document (the "Amended Offering Document") related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.criticalminerals.com.

The closing of the Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV").

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

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF | FSE: J0G) is a mineral exploration and development company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and strategic investments by Glencore plc, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group, nickel, and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, positions Stillwater West with the largest nickel resource in an active U.S. mining district as part of a compelling suite of ten minerals now listed as critical in the USA.

Stillwater also holds a 49% interest in the high-grade Drayton-Black Lake-gold project adjacent to Nexgold

Mining's development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory. The Company also holds the Duke Island Cu-Ni-PGE property in Alaska and maintains a back-in right on the high-grade past-producing Yankee-Dundee in BC, following its sale in 2013.FOR FURTHER INFORMATION, PLEASE CONTACT:

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

This news release includes certain statements that may be deemed "forward-looking statements". In particular, this press release contains forward-looking information relating to, among other things, the Offering, the intended use of proceeds of the Offering and the receipt of final approval of the Offering from the TSXV. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedarplus.ca.

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

SOURCE: Stillwater Critical Minerals

View the original press release on ACCESS Newswire

As the Canadian market navigates a complex landscape of sector-specific opportunities, investors are advised to focus on diversification, particularly within the energy, industrials, and materials sectors. In this context, penny stocks—often seen as relics of past market eras—continue to hold potential for growth and affordability when backed by strong financial health. This article explores several promising penny stocks on the TSX that combine balance sheet strength with long-term potential.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Westbridge Renewable Energy (TSXV:WEB)	CA$2.17	CA$54.35M	★★★★★★
Canso Select Opportunities (TSXV:CSOC.A)	CA$4.75	CA$21.97M	★★★★★★
Sailfish Royalty (TSXV:FISH)	CA$3.25	CA$247.83M	★★★★★★
Zoomd Technologies (TSXV:ZOMD)	CA$1.18	CA$115.41M	★★★★★★
Montero Mining and Exploration (TSXV:MON)	CA$0.415	CA$3.47M	★★★★★★
CEMATRIX (TSX:CEMX)	CA$0.345	CA$50.24M	★★★★★★
Thor Explorations (TSXV:THX)	CA$1.29	CA$858.23M	★★★★★★
Automotive Finco (TSXV:AFCC.H)	CA$1.20	CA$23.19M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$3.28	CA$166.37M	★★★★★★
Hemisphere Energy (TSXV:HME)	CA$1.96	CA$186.41M	★★★★★★

Click here to see the full list of 388 stocks from our TSX Penny Stocks screener.

Here’s a peek at a few of the choices from the screener.

Kenorland Minerals

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Kenorland Minerals Ltd. focuses on acquiring and exploring mineral properties in North America, with a market cap of CA$207.54 million.

Operations: The company generates revenue through the exploration of mineral properties, amounting to CA$3.43 million.

Market Cap: CA$207.54M

Kenorland Minerals Ltd., with a market cap of CA$207.54 million, remains pre-revenue despite generating CA$3.43 million in revenue from mineral exploration activities. The company is debt-free and benefits from an experienced management team with an average tenure of 3.9 years. Recent announcements highlight the maiden Inferred Mineral Resource at the Regnault gold deposit, part of the Frotet Project in Quebec, revealing 2.55 Moz of gold with significant expansion potential due to low discovery costs and extensive high-grade mineralization beyond current resource boundaries. Kenorland’s strategic partnerships and exploration initiatives suggest potential for future growth within its projects across North America.

TSXV:KLD Debt to Equity History and Analysis as at Dec 2025Lara Exploration

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Lara Exploration Ltd. engages in the acquisition, exploration, development, and evaluation of mineral properties in Brazil, Peru, and Chile with a market cap of CA$116.62 million.

Operations: Lara Exploration Ltd. has not reported any specific revenue segments.

Market Cap: CA$116.62M

Lara Exploration Ltd., with a market cap of CA$116.62 million, remains pre-revenue and operates without debt, supported by an experienced management team. Recent developments include the Preliminary Economic Assessment (PEA) for its Planalto Copper-Gold Project in Brazil, projecting significant copper and gold production over an 18-year mine life. The PEA suggests promising economic indicators like a net present value of US$378 million but hinges on future metal prices and successful conversion of mineral resources to reserves. Despite current losses, Lara’s strategic location within Brazil’s well-supported mining district offers potential advantages in project development and operation efficiency.

TSXV:LRA Financial Position Analysis as at Dec 2025Viva Gold

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Viva Gold Corp. is involved in the acquisition, exploration, and development of precious metal properties in the United States with a market cap of CA$27.65 million.

Operations: Viva Gold Corp. has not reported any revenue segments.

Market Cap: CA$27.65M

Viva Gold Corp., with a market cap of CA$27.65 million, is pre-revenue and operates debt-free, supported by an experienced management team with an average tenure of 8.1 years. Recent activities include a non-brokered private placement to raise up to CA$3 million, potentially enhancing its cash runway beyond the current five months based on free cash flow estimates. The company’s board is seasoned, and short-term assets exceed both short- and long-term liabilities, indicating sound financial positioning despite unprofitability and negative return on equity due to lack of revenue-generating operations at this stage.

TSXV:VAU Financial Position Analysis as at Dec 2025Seize The Opportunity

Navigate through the entire inventory of 388 TSX Penny Stocks here.
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Companies discussed in this article include TSXV:KLD TSXV:LRA and TSXV:VAU.

This article was originally published by Simply Wall St.

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

For most investors, how much a stock's price changes over time is important. Not only can it impact your investment portfolio, but it can also help you compare investment results across sectors and industries.

Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks.

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

Southern Copper's Business In-Depth

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

Phoenix, AZ-based Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals. The company conducts exploration activities in Argentina, Chile, Ecuador, Mexico and Peru.Southern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment grade countries, such as Mexico and Peru. Southern Copper reports results under three reportable segments. Each consist of a groups of mines with similar economic characteristics, type of products, processes and support facilities, regulatory environments as well as employee bargaining contracts.Peruvian operations (around 36% of the company's revenues) includes the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad and port facilities that service both mines. The Peruvian operations produce copper, with significant by-product production of molybdenum, silver and other materials.Mexican Open-Pit (58% of revenues) includes La Caridad and Buenavista mine complexes, the smelting and refining plants and support facilities, which service both mines. The Mexican open pit operations produce copper, with significant by-product production of molybdenum, silver and other materials.Mexican underground operations (6% of revenues) (IMMSA unit) includes five underground mines that produce zinc, lead, copper, silver and gold, a coal mine which produces coal and coke, and several industrial processing facilities for zinc, copper and silver. The geographic breakdown of the company’s sales is as follows – Americas (50% of revenues), Europe (32%) and Asia (18%).Approximately 80% of the company’s revenue come from the sale of copper, 6% from molybdenum and 10% from silver and zinc. Bottom Line

While anyone can invest, building a lucrative investment portfolio takes research, patience, and a little bit of risk. If you had invested in Southern Copper ten years ago, you're probably feeling pretty good about your investment today.

According to our calculations, a $1000 investment made in December 2015 would be worth $5,614.09, or a gain of 461.41%, as of December 29, 2025, and this return excludes dividends but includes price increases.

Compare this to the S&P 500's rally of 236.24% and gold's return of 307.77% over the same time frame.

Looking ahead, analysts are expecting more upside for SCCO.

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

Over the past four weeks, shares have rallied 10.94%, and there have been 2 higher earnings estimate revisions in the past two months for fiscal 2025 compared to none lower. The consensus estimate has moved up as well.

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

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

Zacks Investment Research

We recently published Big Winners: 10 Stocks Refusing to take a Holiday. Freeport-McMoRan Inc. (NYSE:FCX) is one of the last week's best performers.

Freeport-McMoran jumped by 7.9 percent week-on-week, as investors gobbled up shares in copper producers after the metal cracked past a new record high of $12,000 during the week.

On Friday alone, Freeport-McMoRan Inc. (NYSE:FCX) registered a nine-day winning streak, mirroring the benchmark three-month copper prices on the London Metal Exchange after surging to $12,282 per ton.

The rally was primarily triggered by tight global supply, coupled with strong demand from various industries, as well as the ongoing tariff uncertainties in the US.

Further buoying sentiment was Wells Fargo’s ice target upgrade for Freeport-McMoRan Inc. (NYSE:FCX) to $55 from $47 previously, while maintaining its “overweight” rating for its stock.

Wells Fargo said that the coverage was based on expectations that copper inventories would remain tight amid lingering concerns that the US would slap another round of tariffs on refined copper products, further pushing industries to stock up on supply.

Freeport-McMoRan Inc. (NYSE:FCX) is one of the leading copper producers globally. It operates various mines in North and South America, as well as the Grasberg site in Indonesia—one of the largest copper mines in the world.

In the third quarter of the year, the company grew its net income attributable to shareholders by 28 percent to $674 million from $526 million in the same period last year. Revenues inched up by 2.68 percent to $6.97 billion from $6.79 billion year-on-year.

While we acknowledge the potential of FCX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

Disclosure: None. This article is originally published at Insider Monkey.

Over the past year, many Freeport-McMoRan Inc. (NYSE:FCX) insiders sold a significant stake in the company which may have piqued investors' interest. When evaluating insider transactions, knowing whether insiders are buying is usually more beneficial than knowing whether they are selling, as the latter can be open to many interpretations. However, shareholders should take a deeper look if several insiders are selling stock over a specific time period.

While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, we would consider it foolish to ignore insider transactions altogether.

We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

The Last 12 Months Of Insider Transactions At Freeport-McMoRan

The Executive VP & Chief Administrative Officer, Stephen Higgins, made the biggest insider sale in the last 12 months. That single transaction was for US$1.4m worth of shares at a price of US$47.99 each. So it's clear an insider wanted to take some cash off the table, even below the current price of US$53.04. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. We note that the biggest single sale was only 23% of Stephen Higgins's holding.

Freeport-McMoRan insiders didn't buy any shares over the last year. The chart below shows insider transactions (by companies and individuals) over the last year. By clicking on the graph below, you can see the precise details of each insider transaction!

View our latest analysis for Freeport-McMoRan

NYSE:FCX Insider Trading Volume December 29th 2025

If you like to buy stocks that insiders are buying, rather than selling, then you might just love this free list of companies. (Hint: Most of them are flying under the radar).

Insiders At Freeport-McMoRan Have Sold Stock Recently

The last three months saw significant insider selling at Freeport-McMoRan. In total, insiders dumped US$1.8m worth of shares in that time, and we didn't record any purchases whatsoever. This may suggest that some insiders think that the shares are not cheap.

Insider Ownership Of Freeport-McMoRan

I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. Freeport-McMoRan insiders own about US$323m worth of shares (which is 0.4% of the company). Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders.

What Might The Insider Transactions At Freeport-McMoRan Tell Us?

Insiders sold stock recently, but they haven't been buying. And there weren't any purchases to give us comfort, over the last year. But it is good to see that Freeport-McMoRan is growing earnings. While insiders do own a lot of shares in the company (which is good), our analysis of their transactions doesn't make us feel confident about the company. So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. For example – Freeport-McMoRan has 1 warning sign we think you should be aware of.

A reversal in the recent rallies in technology stocks and precious metals was the main culprit in Monday’s stock market slide. The S&P 500 was down 0.3% on a day when roughly half the stocks in the index were trading higher.

Freeport-McMoRan Inc. FCX shares have gained 35.3% over the past three months. The company has also outperformed the Zacks Mining-Non Ferrous industry’s 25.9% rise and the S&P 500’s roughly 4.7% increase over the same period.

Image Source: Zacks Investment Research

Surge in Copper Prices and Grasberg Progress Drive Upside

Freeport’s top line has been benefiting from record-high copper prices, as the majority of its revenues come from copper. In the last reported quarter, Freeport reported an increase of 38 cents in ARP for copper compared to the previous year period.

A tight global market and supply chain bottlenecks are resulting in the metal’s rally.

The demand for copper is supported by technology and energy transitions in various sectors. The automotive electrification is expected to be a significant growth driver for copper as electric vehicles consume more copper. Freeport anticipates strong potential for the EV market and expects rapid growth over the next decade. The economic situation in China further strengthens copper’s outlook, with electric vehicles and alternative energy generation increasing.

The Grasberg operational challenges put a pause on the delivery obligations. This put pressure on its supply and further favored copper prices.

Meanwhile, the company is planning to restart operations and ramp up underground production at Grasberg in Indonesia, increasing milling rates. It is on track with its smelter projects in Indonesia. Freeport substantially completed the construction of the new greenfield smelter in Eastern Java during 2024, with an expected full ramp-up by the end of 2025. The company is also developing the Kucing Liar ore body within the Grasberg district with a targeted commencement of production by 2030.

Freeport-McMoRan Inc. Price, Consensus and EPS Surprise

Freeport-McMoRan Inc. price-consensus-eps-surprise-chart | Freeport-McMoRan Inc. Quote

FCX’s Zacks Rank & Key Picks

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

Some better-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Equinox Gold Corp. EQX.

At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and EQX carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.67 per share, indicating a rise of 145.59%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters while missing once, with an average surprise of 17.37%. KGC’s shares have gained 223.9% over the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings is pinned at 76 cents per share, indicating a 65.22% year-over-year increase. Its shares have surged 145.6% over the past year.

The Zacks Consensus Estimate for EQX’s current-year earnings stands at 54 cents per share, implying a 170% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the average earnings surprise of 87%.

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

Kinross Gold Corporation (KGC) : Free Stock Analysis Report

Fortuna Mining Corp. (FSM) : Free Stock Analysis Report

Equinox Gold Corp. (EQX) : Free Stock Analysis Report

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

Zacks Investment Research

Nvidia and Tesla shares fall, DigitalBridge jumps after SoftBank agrees to acquire the data-center investment firm, and Newmont slumps as precious metals prices tumble.

Tesla as well as Newmont and two other mining giants were the S&P 500’s biggest losers Monday. But all are still near 52-week highs.

Toronto, Ontario–(Newsfile Corp. – December 29, 2025) – Minnova Corp. (TSXV: MCI) ("Minnova" or the "Company") is pleased to announce it has directed A&B Global Mining, lead engineer on the Preliminary Economic Assessment, to evaluate and design a significant expansion of the PL Gold Mine's current 1,000 tonnes per day ("tpd") nameplate processing capacity. The current plan involves recommencing mining operations through open pit mining methods, with run-of-mine ("ROM") throughput aligned to process plant's nameplate capacity. On going work related to process plant refurbishment has recognized that the existing "front-end" crushing plant infrastructure potentially possesses capacity well in excess of 1,000 tpd.

Preliminary assessments of the primary Traylor Jaw and secondary Symons Short Head Cone crushers indicate that these robust components can support significantly higher volumes. Initial work on an expansion plan will consist of a Technical Audit & Capacity Analysis ("TACA"), including;

Crushing Audit – verify existing crushers can sustain a crushing rate to achieve minimum 2,000 tpd.
Motor/Drive Review – assess existing 100 HP motor on jaw crusher and 150 HP motor on the cone crusher to handle ore at increased throughput.
Choke Point Identification – assess existing dust collection, ore chutes and transfer point capacities.
Power Requirements – assess motor control center and transformer requirements at increased throughput rate.

Photo 1: Crushing and Screening Building and Mill Feed Infrastructure

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3654/279121_986ddcfdd4a5583c_001full.jpg

Photo 2: Crushing and Screening Building and Mill Feed Infrastructure

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3654/279121_986ddcfdd4a5583c_002full.jpg

Should the TACA assessment confirm the current crushing capacity exceeds 2,000 tpd, the expansion initiative will proceed to the Design & Engineering phase, with a target minimum ROM mill feed rate of 2,000 tpd. Achieving this goal will necessitate a comprehensive redesign of specific crusher plant processes, as well as the duplication of the following components: a) fine ore storage capacity, b) ore conveyor systems, and c) milling, gravity, flotation and concentrate leaching processes along with the existing Merrill-Crowe gold recovery circuit. All new equipment will be installed in parallel with the established infrastructure.

By doubling the processing plant ROM throughput capacity, Minnova aims to leverage existing infrastructure and dramatically enhance the project's economics in the current high gold price environment. This expansion initiative reflects the Company's commitment to maximizing the value of its existing infrastructure. The successful restart of the PL Gold Mine at a targeted 2,000 tpd throughput rate from open mining operations will position Minnova as a more significant gold producer, providing a robust operational foundation for the eventual transition to underground mining operations.

Option Grant

Pursuant to the Company's LTIP the Company announces that its board of directors has approved an option grant of 2,500,000 options to purchase common shares of the Company exercisable at a price of $0.20 per common share for a period of 5 years, to certain directors, officers, employees, and consultants. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant. These stock options vest immediately.

Qualified Person

Chris Buchanan, MSc, PGeo, is an independent consultant of the company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

About Minnova Corp.

Minnova Corp. is a near term gold producer focused on the restart and expansion of its 100%-owned PL Gold Mine in the prolific Flin Flon Greenstone Belt of Central Manitoba. The project is situated on a past producing mine site and benefits from significant existing infrastructure, including a 1,000 tpd processing plant and valid underground mining permit (Environment Act License 1207E).

A positive 2018 Feasibility Study, based on an underground development plan and a gold price of US$1,250 per ounce, outlined a robust 5-year mine life with an annual production rate of 46,493 ounces. Considering current high gold price Minnova is revising the mine development plan to prioritize lower-cost open pit mining methods for the initial years of production before transitioning to underground methods.

A revised mine development plan that leverages the full 1,000 tpd process plant capacity and targets reduced operating costs compared to the previous underground-only model is underway and will be the subject of a Preliminary Economic Assessment and Feasibility Study to be completed in 2026. The current global gold resource remains open to expansion, as does the reserve. The Mineral Resource Estimate will be revised in 2026, using current consensus gold price assumption and will incorporate all drilling conducted after the 2018 Feasibility Study, including a 15,000-meter drill program currently in progress.

For more information please contact:

Minnova Corp.Gorden GlennPresident & Chief Executive OfficerTel: (647) 985-2785

For further information, please contact Investor Relations at info@minnovacorp.ca.

Visit our website at www.minnovacorp.ca.

Forward Looking Statements

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

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

NOT FOR DISSEMINATION INTO THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279121

This article first appeared on GuruFocus.

Market participants are positioning for further potential upside in iron ore prices as a year-end rally across metals gathers momentum and attention turns to policy signals from Beijing. Iron ore futures have advanced for three consecutive sessions in Singapore, climbing nearly 1.8% intraday to as much as $106.55 a ton, putting prices on track for their highest close since late November. In China, contracts on the Dalian Commodity Exchange rose for a second day, gaining as much as 2.6%, the largest intraday increase since Sept. 9. The move has unfolded alongside strength across the metals complex, with copper reaching an all-time high and silver pushing past $80 an ounce, reinforcing a constructive backdrop into the end of the year.

Sentiment has also been supported by fresh policy guidance from Chinese authorities. The National Development and Reform Commission said it would deepen supply-side reforms in steel, petrochemicals and related sectors as part of the 15th Five-Year Plan from 2026, including expanding high-end production, prohibiting unauthorized capacity additions, and using market mechanisms to encourage consolidation. In parallel, the Ministry of Finance said after a year-end policy meeting that China will expand government spending and improve how it deploys capital in 2026. Taken together, these signals are being interpreted by markets as potentially supportive for resource-based industries, even though the details remain medium-term in nature.

That optimism has emerged despite softer near-term fundamentals. Iron ore inventories at Chinese ports rose for a 10th time in 11 weeks to the highest level in more than a year, according to Shanghai SteelHome E-Commerce, underscoring that the latest price move is being driven more by futures sentiment than by a clear recovery in physical demand. Prices have nevertheless shown resilience in recent months, helped in part by restrictions on some supplies from BHP Group (NYSE:BHP) imposed by China's state-backed iron ore trader, even as steel demand in China has softened. By mid-afternoon in Singapore, iron ore futures were up 1.4% at $106.15 a ton, with yuan-priced contracts in Dalian and steel contracts in Shanghai also posting gains.

Cascadia Motions (a wholly owned subsidiary of BorgWarner Inc.) to manufacture, commercialize, and sell a new generation of compact electric drive unit (EDU) integrating REEcorner technology with Cascadia Motion for inverter-motor modules OEM programs globally.
Drive units expected to be available as off-the-shelf products at CascadiaMotion.com
According to industry research estimates, the global EDU is projected to double by 2035, growing at a compound annual growth rate (CAGR) of approximately 9% from 2025 through 2035.
REE anticipates the distribution of its REEcorner-based EDUs under a phased commercial plan, including a royalty-bearing arrangement that enables BorgWarner to manufacture the EDU.

TEL AVIV, Israel, Dec. 29, 2025 (GLOBE NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE) (“REE” or the “Company”), an automotive technology company that develops software-defined vehicle (SDV) technology solutions, today announced a strategic non-binding Memorandum of Understanding (“MOU”) with Cascadia Motion, LLC (a wholly owned subsidiary of BorgWarner Inc.) (“Cascadia Motions”). The MOU outlines cooperation across manufacturing, commercialization, and sale of a next-generation electric drive unit (EDU) based on REEcorner technology for global OEM electrification programs. The new EDU product will be jointly developed by Cascadia Motion and REE.

As part of an expected phased commercial plan, including a royalty-bearing agreement, REE would grant Cascadia Motion an exclusive, time-limited option to distribute a uniquely packaged EDU that integrates Cascadia Motion’s iM-125 drive unit (motor and inverter) with REEcorner technology. Together, the companies aim to offer a compact, cross-platform EDU that is designed to help OEMs accelerate EV development. The new EDU combined with REE’s vehicle control units is intended to support higher levels of functional safety, including ASIL-D, and to improve efficiency and time to market through secure, stable over-the-air (OTA) updates.

REE also plans to provide Cascadia Motion with access to its existing EDU assembly line, tooling, inventories, and supplier network to support manufacturing of the combined EDU Units, subject to negotiation of final terms and conditions.

“Integrating Cascadia Motion’s iM-125 drive unit with REEcorner technology bolsters our portfolio of off-the-shelf electric drive solutions, providing our customers with even more flexibility in their electrification programs,” said Joseph McHenry, General Manager of BorgWarner Portland and the Cascadia Motion brand. “This collaboration reflects our commitment to delivering innovative, ready-to-integrate drive units that help OEMs reduce development time and streamline vehicle launch.”

This arrives at a time when, according to certain industry research estimates and publications, the global EDU market is expected to grow by a compound annual growth rate (CAGR) of approximately 9% from 2025 through 2035. These publications further expect the EDU market size to double by 2035 due to increased demand for electric vehicles. REE believes that this arrangement positions both companies to offer OEMs a scalable, advanced EDU solution with near-term availability.

“We believe that this MOU with Cascadia Motions represents a natural progression of our three-year collaboration and reinforces our mission to accelerate the industry’s transition to software-defined, by-wire mobility,” said Daniel Barel, CEO and co-founder of REE Automotive. “We believe this collaboration positions us to meet global demand at scale while laying the groundwork for next-generation, fully by-wire solutions.”

In addition to the EDU-focused product offering, the parties plan to evaluate demand for complete SDV solutions, including standalone REEcorner units and REE’s software products, which can supplement this offering or present additional capabilities for OEMs. REE’s SDV technology is a purpose-built foundation that replaces legacy domain systems with centralized, zonal control that simplifies design, cuts wiring, and accelerates development of software-defined vehicles. REE’s zonal architecture combines the REEcenter ECU, REEzonal ECUs, and REEgateway into a high-performance network that unites software packages of advance vehicle dynamic, chassis control, body control, autonomy integration, safety systems, and connectivity. This integrated approach is designed to simplify complexity, accelerated development, and future-proof vehicle programs that aim to integrate seamlessly into diverse commercial OEM plans.

The MOU builds on REE’s momentum as OEMs increasingly seek modern, software-defined architectures that shorten development cycles and unlock new vehicle configurations, such as low and flat chassis design, improved functional safety, and on-going secure and stable OTA updates. REE’s advanced zonal SDV architecture integrates seamlessly with legacy systems to improve safety, performance, and reliability. By combining this architecture with Cascadia Motion’s propulsion systems, the companies believe they are positioned to support OEMs transitioning toward software-defined vehicles built for continuous improvement and long-term adaptability.

REE EDU Performance @ Gearbox Output
Motor Type	Permanent Magnet
Voltage	400 V
Peak Torque, 30s	3000 NM
Peak Power	100 kW
Max Speed	835 rpm
Max Cont. Torque	2150 Nm
Max Cont. Power	57 kW
Gear Ratio	19.17
Cooling	Water-Glycol (8LPM @65°C)
Weight	54 kg

About BorgWarner:For more than 130 years, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. With a focus on sustainability, we’re helping to build a cleaner, healthier, safer future for all.

Media ContactKeren Shemesh Chief Marketing Officer for REE AutomotiveMedia@ree.auto

Investor ContactHai AvivChief Finance Officer for REE Automotiveinvestors@ree.auto

BorgWarner Media ContactMichelle CollinsGlobal Director, Marketing and Public Relationsmediacontact@borgwarner.com

Caution About Forward-Looking StatementsThis press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, among others, statements regarding the performance of the terms of the MOU; the expected supply of REEcorner technology and REE-designed components for use in Cascadia Motion’s electric drive units; the anticipated development, manufacturing, commercialization, distribution, and sale of a next-generation EDU integrating REEcorner technology; the expected availability of drive units as off-the-shelf products; the anticipated phased commercial plan and royalty-bearing arrangement; the potential grant and exercise of any exclusive, time-limited option; the expected timing and scope of any supply, inventory utilization, tooling access, supplier network use, and manufacturing ramp; the parties’ evaluation of demand for complete software-defined vehicle solutions and additional product opportunities; the expected growth of the global EDU market; the belief that the arrangement positions both companies to offer OEMs a scalable, advanced EDU solution with near-term availability; the belief that the collaboration positions REE to meet global demand at scale while laying the groundwork for next-generation, fully by-wire solutions; and the anticipated benefits of the collaboration for OEM programs.

These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that may cause actual results to differ materially from those expressed or implied. The memorandum of understanding is non-binding and does not create enforceable obligations to purchase, sell, manufacture, commercialize, distribute, or supply any products, and does not include firm purchase orders or guaranteed volumes, notwithstanding certain optional purchase mechanisms and conditional minimum purchase provisions. Any commercialization, product availability, supply volumes, exclusivity arrangements, royalties, manufacturing rights, or other economic terms will depend on the negotiation and execution of definitive agreements and the placement of purchase orders, customer demand, successful technical development, operational readiness, and the parties’ ability to obtain required supplier and commercial arrangements, and may not occur as currently contemplated or at all. Factors that could cause actual results to differ are discussed in the sections entitled “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors,” and “Operating and Financial Review and Prospects” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025, as updated by REE’s subsequent filings with the SEC. The forward-looking statements in this press release speak only as of the date of this press release, and we undertake no obligation to update any forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e012b46f-cbee-47b1-8136-045f60e03f15

We feel now is a pretty good time to analyse Ucore Rare Metals Inc.'s (CVE:UCU) business as it appears the company may be on the cusp of a considerable accomplishment. Ucore Rare Metals Inc. engages in the extraction, beneficiation, and separation of rare and critical metal resources in Canada and the United States. With the latest financial year loss of CA$13m and a trailing-twelve-month loss of CA$33m, the CA$711m market-cap company amplified its loss by moving further away from its breakeven target. As path to profitability is the topic on Ucore Rare Metals' investors mind, we've decided to gauge market sentiment. Below we will provide a high-level summary of the industry analysts’ expectations for the company.

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According to the 2 industry analysts covering Ucore Rare Metals, the consensus is that breakeven is near. They anticipate the company to incur a final loss in 2026, before generating positive profits of CA$26m in 2027. Therefore, the company is expected to breakeven roughly 2 years from now. How fast will the company have to grow each year in order to reach the breakeven point by 2027? Working backwards from analyst estimates, it turns out that they expect the company to grow 71% year-on-year, on average, which is extremely buoyant. Should the business grow at a slower rate, it will become profitable at a later date than expected.

TSXV:UCU Earnings Per Share Growth December 29th 2025

Underlying developments driving Ucore Rare Metals' growth isn’t the focus of this broad overview, but, keep in mind that generally a metal and mining business has lumpy cash flows which are contingent on the natural resource mined and stage at which the company is operating. This means that a high growth rate is not unusual, especially if the company is currently in an investment period.

Check out our latest analysis for Ucore Rare Metals

Before we wrap up, there’s one issue worth mentioning. Ucore Rare Metals currently has a relatively high level of debt. Generally, the rule of thumb is debt shouldn’t exceed 40% of your equity, which in Ucore Rare Metals' case is 48%. A higher level of debt requires more stringent capital management which increases the risk in investing in the loss-making company.

Next Steps:

There are key fundamentals of Ucore Rare Metals which are not covered in this article, but we must stress again that this is merely a basic overview. For a more comprehensive look at Ucore Rare Metals, take a look at Ucore Rare Metals' company page on Simply Wall St. We've also compiled a list of key aspects you should further research:

Valuation: What is Ucore Rare Metals worth today? Has the future growth potential already been factored into the price? The intrinsic value infographic in our free research report helps visualize whether Ucore Rare Metals is currently mispriced by the market.

Management Team: An experienced management team on the helm increases our confidence in the business – take a look at who sits on Ucore Rare Metals’s board and the CEO’s background.

Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here.

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.

Given this risk, we thought we'd take a look at whether Mithril Silver and Gold (ASX:MTH) shareholders should be worried about its cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). Let's start with an examination of the business' cash, relative to its cash burn.

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When Might Mithril Silver and Gold Run Out Of Money?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. In September 2025, Mithril Silver and Gold had AU$18m in cash, and was debt-free. Looking at the last year, the company burnt through AU$14m. That means it had a cash runway of around 16 months as of September 2025. While that cash runway isn't too concerning, sensible holders would be peering into the distance, and considering what happens if the company runs out of cash. You can see how its cash balance has changed over time in the image below.

ASX:MTH Debt to Equity History December 29th 2025

Check out our latest analysis for Mithril Silver and Gold

How Is Mithril Silver and Gold's Cash Burn Changing Over Time?

Mithril Silver and Gold didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. The skyrocketing cash burn up 181% year on year certainly tests our nerves. It's fair to say that sort of rate of increase cannot be maintained for very long, without putting pressure on the balance sheet. Admittedly, we're a bit cautious of Mithril Silver and Gold due to its lack of significant operating revenues. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

Can Mithril Silver and Gold Raise More Cash Easily?

While Mithril Silver and Gold does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).

Mithril Silver and Gold has a market capitalisation of AU$115m and burnt through AU$14m last year, which is 12% of the company's market value. Given that situation, it's fair to say the company wouldn't have much trouble raising more cash for growth, but shareholders would be somewhat diluted.

So, Should We Worry About Mithril Silver and Gold's Cash Burn?

On this analysis of Mithril Silver and Gold's cash burn, we think its cash burn relative to its market cap was reassuring, while its increasing cash burn has us a bit worried. We don't think its cash burn is particularly problematic, but after considering the range of factors in this article, we do think shareholders should be monitoring how it changes over time. Separately, we looked at different risks affecting the company and spotted 6 warning signs for Mithril Silver and Gold (of which 3 don't sit too well with us!) you should know about.

Of course Mithril Silver and Gold may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

As the Australian market winds down for the holiday season with a slight dip, largely due to profit-taking and in anticipation of Wall Street’s highs, investors are turning their attention to commodities like gold and copper which have recently seen notable gains. In this environment, identifying promising small-cap stocks requires a keen eye for companies that can capitalize on these sector trends while navigating broader market sentiment.

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%	★★★★★★
Spheria Emerging Companies	NA	-1.31%	0.28%	★★★★★★
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%	★★★★★☆
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.

Let’s dive into some prime choices out of from the screener.

Carlton Investments

Simply Wall St Value Rating: ★★★★★☆

Overview: Carlton Investments Limited is a publicly owned asset management holding company with a market capitalization of A$911.96 million.

Operations: Carlton Investments generates revenue primarily through the acquisition and long-term holding of shares and units, amounting to A$41.60 million.

Carlton Investments, a relatively small player in the market, has shown a steady earnings growth of 8.7% annually over the past five years. Despite its modest size, it boasts high-quality earnings and maintains an impressive interest coverage ratio of 3390 times through EBIT. The company has effectively managed its debt levels, reducing the debt-to-equity ratio from 0.03% to 0.02% over five years, indicating prudent financial management. While recent earnings growth at 0.09% lagged behind industry standards of 6%, Carlton remains free cash flow positive with A$39 million recorded recently, suggesting solid operational health and potential for future stability.

ASX:CIN Debt to Equity as at Dec 2025Metals X

Simply Wall St Value Rating: ★★★★★★

Overview: Metals X Limited is an Australian company focused on tin production, with a market capitalization of A$975.03 million.

Operations: The primary revenue stream for Metals X Limited is its 50% stake in the Renison Tin Operation, generating A$271.38 million. The company focuses on tin production in Australia.

Metals X, a nimble player in the mining sector, boasts a remarkable earnings growth of 708% over the past year, outpacing the industry average of 10%. This performance is bolstered by its debt-free status, contrasting with a debt-to-equity ratio of 58% five years ago. With a price-to-earnings ratio at just 6.9x, it offers compelling value against the broader Australian market’s 21.7x. However, recent financials include a significant A$38M one-off gain that might skew perceptions of ongoing profitability. Despite these fluctuations and forecasts suggesting declining earnings ahead, Metals X remains financially sound with positive free cash flow and no debt concerns.

ASX:MLX Debt to Equity as at Dec 2025Wagners Holding

Simply Wall St Value Rating: ★★★★★☆

Overview: Wagners Holding Company Limited is involved in the production and sale of construction and related building materials across several countries, including Australia, the United States, and New Zealand, with a market capitalization of A$703.03 million.

Operations: Wagners generates revenue primarily from Construction Materials (A$257.69 million), Project Services (A$105.71 million), and Composite Fibre Technology (A$68.45 million). The company’s net profit margin reflects its financial performance, influenced by its diverse revenue streams across multiple regions.

Wagners Holding, a small Australian player in the construction sector, is making waves with its focus on sustainable materials and infrastructure. Over the past year, earnings surged by 121%, outpacing industry growth of 3%. The company has reduced its debt to equity ratio from 66% to 28% over five years, showcasing financial prudence. With a net debt to equity ratio at a satisfactory 13%, Wagners seems well-positioned for future expansion. Analysts forecast an annual revenue growth of 6% for the next three years, although capital expenditure and raw material costs could impact earnings stability. Current share price sits at A$2.57 with an anticipated target of A$2.75.

Wagners Holding’s growth is driven by expanding concrete operations and sustainable material demand. Click here to explore the full narrative on Wagners Holding.

ASX:WGN Debt to Equity as at Dec 2025Make It Happen

Reveal the 59 hidden gems among our ASX Undiscovered Gems With Strong Fundamentals screener with a single click here.
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Companies discussed in this article include ASX:CIN ASX:MLX and ASX:WGN.

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

Zimplats Holdings' (ASX:ZIM) stock is up by a considerable 41% over the past month. However, we wonder if the company's inconsistent financials would have any adverse impact on the current share price momentum. Specifically, we decided to study Zimplats Holdings' ROE in this article.

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

How Is ROE Calculated?

The formula for ROE is:

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

So, based on the above formula, the ROE for Zimplats Holdings is:

2.2% = US$40m ÷ US$1.8b (Based on the trailing twelve months to June 2025).

The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each A$1 of shareholders' capital it has, the company made A$0.02 in profit.

View our latest analysis for Zimplats Holdings

Why Is ROE Important For Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company’s earnings growth potential. 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 Zimplats Holdings' Earnings Growth And 2.2% ROE

It is quite clear that Zimplats Holdings' ROE is rather low. Even when compared to the industry average of 9.2%, the ROE figure is pretty disappointing. Given the circumstances, the significant decline in net income by 42% seen by Zimplats Holdings over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.

However, when we compared Zimplats Holdings' growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 12% in the same period. This is quite worrisome.

ASX:ZIM Past Earnings Growth December 27th 2025

Earnings growth is a huge factor in stock valuation. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is Zimplats Holdings fairly valued compared to other companies? These 3 valuation measures might help you decide.

Is Zimplats Holdings Using Its Retained Earnings Effectively?

While the company did payout a portion of its dividend in the past, it currently doesn't pay a regular dividend. This implies that potentially all of its profits are being reinvested in the business.

Summary

In total, we're a bit ambivalent about Zimplats Holdings' performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Up till now, we've only made a short study of the company's growth data. You can do your own research on Zimplats Holdings and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.

The Standard & Poor’s 500 index rose 1.4% and hit fresh record highs this week amid a stronger-than-

Record gold and silver prices got all the publicity, but metals across the board, from uranium to copper to cobalt, took off this year and look likely to climb next year, too. Here’s why.

Freeport-McMoRan (FCX) closed at $53.04 in the latest trading session, marking a +2.16% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.03% for the day. Elsewhere, the Dow lost 0.04%, while the tech-heavy Nasdaq lost 0.09%.

Prior to today's trading, shares of the mining company had gained 23.18% outpaced the Basic Materials sector's gain of 9.22% and the S&P 500's gain of 2.57%.

The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. On that day, Freeport-McMoRan is projected to report earnings of $0.2 per share, which would represent a year-over-year decline of 35.48%. At the same time, our most recent consensus estimate is projecting a revenue of $4.86 billion, reflecting a 14.95% fall from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $1.48 per share and a revenue of $25.06 billion, demonstrating changes of 0% and -1.55%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.63% lower within the past month. As of now, Freeport-McMoRan holds a Zacks Rank of #3 (Hold).

From a valuation perspective, Freeport-McMoRan is currently exchanging hands at a Forward P/E ratio of 34.99. For comparison, its industry has an average Forward P/E of 32, which means Freeport-McMoRan is trading at a premium to the group.

We can additionally observe that FCX currently boasts a PEG ratio of 1.17. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Mining – Non Ferrous industry held an average PEG ratio of 1.17.

The Mining – Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 102, this industry ranks in the top 42% of all industries, numbering over 250.

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

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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

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

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

Zacks Investment Research

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