Core Viewpoint - First Quantum Minerals Ltd. has successfully completed an offering of $1,500 million in senior notes with a 6.375% interest rate due in 2036, aimed at refinancing existing debt and managing financial obligations [1][2][3]. Financial Details - The senior notes are unsecured obligations of the company and are guaranteed by certain subsidiaries [2]. - The gross proceeds from the notes will be used to redeem $1,350 million of existing 9.375% senior secured second lien notes due in 2029, repay drawn amounts from a revolving credit facility, and cover transaction fees and expenses [3][4]. Redemption Information - The company has completed the full redemption of its 9.375% senior secured second lien notes, totaling $1,350 million in outstanding principal [4].

(In United States dollars, except where noted otherwise) TORONTO, Feb. 19, 2026 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) today announces the filing of a Technical Report (the “Report”) for its Taca Taca project (the “Project”). The Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") with an effective date of December 31, 2025. Taca Taca is a porphyry copper-gold-molybdenum deposit l ...

Core Insights - Metalla Royalty & Streaming Ltd. announced preliminary results for 2025, expecting record revenues of $11.7 million, a 99% increase from $5.9 million in 2024 [1] - The company anticipates receiving payments on 3,436 attributable Gold Equivalent Ounces (GEOs), a 38% increase from 2,481 GEOs in 2024 [1] - The company plans to release its 2026 guidance on March 26, 2026, alongside its audited financial statements [1] Preliminary 2025 Results - Record revenue from royalty and stream interests is projected at $11.7 million, up 99% from 2024 [1] - Expected payments on 3,436 GEOs represent a 38% increase compared to 2024 [1] - The company faced ramp-up delays and a safety incident affecting GEOs at Endeavor Mine and Wharf Mine [1] Asset Updates - **Tower Mountain**: Inaugural Indicated Mineral Resource estimate of 514 Koz with 34.5Mt averaging 0.46 g/t gold; Inferred Mineral Resource of 3.05 Moz with 221.1Mt averaging 0.45 g/t gold, with a Scoping Study expected in 2027 [2] - **15-Mile**: Prefeasibility Study outlines an average production profile of 103 Koz gold over 11 years [2] - **Del Toro**: Acquisition by Sierra Madre announced, with plans to restart operations in mid-2027 [2] - **Gurupi**: $21 million resource expansion budget for 2026; preliminary economic assessment targeted for H2 2026 [1][2] - **Wharf**: Reports of a fire at the Wharf mine crushing facility, with all workers accounted for [1][2] - **Taca Taca**: Key milestones expected in H1 2026, including environmental and social impact assessment approvals [1][2] - **Castle Mountain**: Phase 2 Permitting Record of Decision expected in December 2026 [1] Corporate Updates - Metalla awarded 247,375 restricted share units and 475,700 stock options to directors, officers, and employees [2] - The company retained Sideways Frequency LLC for marketing services at a rate of $150,000 per month for an initial three-month term [3]

Core Viewpoint - First Quantum Minerals Ltd. is launching an offering of $1,350 million in senior notes to fund the redemption of existing debt and cover transaction costs [1][3]. Group 1: Offering Details - The offering consists of $1,350 million aggregate principal amount of senior notes [1]. - The notes will be senior unsecured obligations guaranteed by certain subsidiaries of the company [2]. - Interest on the notes will accrue from the issue date and will be payable semi-annually, with the interest rate and offering price to be determined at the time of pricing [2]. Group 2: Use of Proceeds - The gross proceeds from the sale of the notes will be used to fully redeem the existing 9.375% senior secured second lien notes due 2029 [3]. - Proceeds will also cover transaction fees, costs, and expenses associated with the offering [3].

行业 镍日报 日期 2026 年 2 月 11 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 每日报告 地下矿逐步达产。另外，公司预计 2026 年镍产量为 17.5-20 万吨，高于 2025 年产量指导。 请阅读正文后的声明 - 3 - 数据来源：Wind，建信期货研究发展部 镍观点： 镍价日内降波调整，主力 2603 收盘报 133350 元/吨，微跌 0.19%。菲律宾雨 季叠加印尼政策扰动，海外镍矿价格均显著上涨，考虑到印尼冶炼产能仍在扩张， 2.5 亿吨的配额可能导致 2026 年出现结构性的矿端短缺。矿价坚挺给予高镍生铁 价格成本支撑，8-12%高镍生铁 ...

Core Insights - First Quantum Minerals Ltd. reported net earnings of $25 million ($0.03 per share) and adjusted earnings of $5 million ($0.01 per share) for Q4 2025, reflecting a recovery from a loss in the previous quarter [1][23]. Financial Highlights - The company achieved a gross profit of $416 million in Q4 2025, an increase of $56 million from Q3 2025, and EBITDA of $464 million, up by $29 million [3][15]. - Cash flows from operating activities were negative at $36 million due to adverse working capital movements [15]. - Net debt increased by $441 million to $5,192 million, with total debt at $5,836 million as of December 31, 2025 [15][23]. Operational Highlights - Total copper production for Q4 2025 was 100,374 tonnes, a 4% decrease from Q3 2025, primarily due to lower output from Sentinel and Guelb Moghrein [5][19]. - Kansanshi produced 47,655 tonnes of copper in Q4 2025, an increase from the previous quarter, while Sentinel's production was 48,235 tonnes, down from Q3 2025 [5][19]. - The company expects copper production in 2026 to be between 175,000 and 205,000 tonnes, with gold production guidance set at 110,000 to 120,000 ounces [7][49]. Debt and Financing - A new $2.2 billion Term Loan and Revolving Credit Facility was signed, replacing an existing $1.84 billion facility, extending maturity to February 2029 [12][13]. - The refinancing aims to provide additional liquidity and financial flexibility, deferring near-term debt maturities [12][13]. Cobre Panamá Update - The Government of Panama approved the removal and processing of stockpiled ore, which is expected to create over 1,000 direct jobs and generate royalties for the country [2][32]. - Processing of stockpiled ore is anticipated to produce approximately 70,000 tonnes of copper and will not constitute a reopening of the mine [32]. Production Costs - The C1 cash cost of copper production increased to $2.21 per lb in Q4 2025, reflecting higher power costs and lower production volumes [20][23]. - The total cost of copper production (C3) was reported at $3.44 per lb, with all-in sustaining costs (AISC) at $3.45 per lb [20][23]. Metal Prices - The realized copper price for Q4 2025 was $4.89 per lb, up from $4.38 in Q3 2025, while the net realized gold price was $4,007 per oz [17][23].

Market Overview - Precious metals and copper prices experienced significant declines as investors reacted to the nomination of a new Fed chair, leading to profit-taking after recent record highs [1] - Gold futures saw a dramatic drop, closing at $4,745 an ounce, down 11.4% or $600 on the day, marking the largest intra-day decline since the early 1980s [2] - Silver prices fluctuated wildly, ending the day at $78.53 an ounce, a 35.9% drop, the largest decline on record [3] - Copper prices fell sharply, closing at $5.92 per pound ($13,060 per tonne), down 4.5% from previous highs [4] Company Performance - Major mining companies faced substantial losses, with Newmont Corporation (NYSE:NEM) down 11.5% to a market cap of $122 billion and Barrick Mining (NYSE:B) down 12.03% to $77.13 billion [9] - Agnico Eagle Mines (TSX:AEM) dropped 10.8% to a market valuation of $95.64 billion, losing its status as a $100 billion stock [9] - Gold Fields (NYSE:GFI) lost 14.5% to a market cap of $47.42 billion, while AngloGold Ashanti (NYSE:AU) fell over 13% to $46.89 billion [10] - Freeport-McMoRan Inc. (NYSE:FCX) saw a 7.5% decline, with a market cap of $86.49 billion, while Vale (NYSE:VALE) slid by 5.1% to $68.43 billion [14] Sector Impact - The overall mining sector suffered double-digit percentage drops, wiping billions in market value, particularly affecting gold, silver, and platinum stocks [8] - Copper producers and diversified companies, while also experiencing declines, fared better compared to precious metal stocks [11] - The tie-up between Teck Resources (NYSE:TECK) and Anglo American (OTCPK:NGLOY) is progressing, but both companies faced declines of 7.8% and 5.7% respectively [15] - Chinese mining companies like Zijin Mining (OTCPK:ZIJMY) and CMOC Group (SEHK:3993) also saw significant drops, with Zijin down 12.2% [17]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The non - ferrous metals sector has a strong atmosphere, and the enthusiasm for long - position trading by funds remains high. Shanghai nickel maintains a strong and volatile operation supported by supply - side disturbances in Indonesia. On the 29th, the main contract closed at 147,470, up 1.79%. The total open interest decreased by 6,026 lots to 387,000 lots compared with the previous day [7]. - The latest news indicates that the RKAB approval quota may be adjusted to 2.6 billion tons, and the expected shortage of nickel ore supply supports miners to continuously raise quotes. The ex - factory average price of 8 - 12% high - nickel pig iron remained flat at 1,055 yuan per nickel point. The strong bullish sentiment at the pure nickel end drove the price of nickel iron to rise. However, due to high costs, the downstream's willingness to accept has decreased, but there were few low - price transactions, and the overall price remained firm supported by the nickel price [7]. - In 2026, although some old 2026 RKAB quotas can be used in the first quarter, the delay in the verification of the MOMS system of most mines has affected their normal shipments. Previously, Vale also stated that the currently approved quota is only 30% of the production demand, further strengthening the expectation of quota reduction. It is necessary to closely follow the policy statements of the Indonesian government and the actual quota issuance rhythm in the future. It is expected that policy disturbances will support the nickel market to continue to have significant upward elasticity [7]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - The non - ferrous metals sector is in a strong atmosphere, and funds are enthusiastic about long - position trading. Shanghai nickel is in a strong and volatile state supported by supply - side disturbances in Indonesia. On the 29th, the main contract closed at 147,470 with a 1.79% increase, and the total open interest decreased by 6,026 lots to 387,000 lots [7]. - The RKAB approval quota may be adjusted to 2.6 billion tons, leading to an expected shortage of nickel ore supply and prompting miners to raise quotes. The ex - factory price of high - nickel pig iron remained flat, and the price of nickel iron rose following the strong sentiment at the pure nickel end. High costs reduced the downstream's acceptance, but low - price transactions were rare, and the price remained firm [7]. - In 2026, quota availability and shipment issues, along with Vale's statement on approved quotas, strengthen the quota reduction expectation. Policy disturbances are expected to bring upward elasticity to the nickel market [7]. 3.2行业要闻 - PT Vale Indonesia is accelerating the commissioning of the HPAL Pomalaa project in Southeast Sulawesi. As of December 2025, the project's construction progress reached about 60%. Two autoclave units have arrived at the project site, and three more are planned for subsequent delivery. The company aims to complete the mechanized construction of the HPAL Pomalaa factory by August 2026. PT Vale is the sole nickel ore supplier for the HPAL Pomalaa factory [8][10]. - First Quantum Minerals Ltd. released its preliminary production data for 2025 and production, cost, and capital expenditure guidelines for 2026 - 2028. In 2025, its copper production was about 396,000 tons, within the revised guidance range; gold production was about 152,000 ounces, higher than the upper limit of the guidance; and Enterprise nickel production also exceeded expectations. The company slightly lowered the production guidelines for copper and gold in 2026 - 2027, while keeping the nickel production guideline unchanged. The unit cash cost of copper and AISC are expected to be higher than previously expected, and the 2026 capital expenditure guideline is raised [10]. - The Indonesian Nickel Smelters Association expects the domestic nickel smelting industry's nickel ore demand in 2026 to be about 340 - 350 million tons. The Indonesian Ministry of Energy and Mineral Resources plans to strategically adjust the nickel ore production quota (RKAB) to 250 - 260 million tons in 2026. The existing quotas are allowed to be extended until March 31, 2026, and the actual annual supply depends on later government evaluations and quota supplements [10].

研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 行业 镍日报 日期 2026 年 1 月 29 日 有色金属研究团队 图1：机构净持仓 图2：机构多空比 数据来源：Wind，建信期货研究发展部 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 镍观点： 28 日镍价先抑后扬，整体维持高位震荡，主力收跌 1.31%报 144370 元/吨， 总持仓较上日减少 7822 手至 39.3 万手。最新消息显示 RKAB 审批配额或调整至 2.6 亿吨，镍矿供给预期紧缺支撑矿商持续上调报价；8-12%高镍生铁出厂均价再 度较上日上涨 2 至 1055.5 元/镍点，纯镍端看涨情绪较强带动镍铁跟随上涨，成 本高企 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - On the 22nd, the nickel price continued to fluctuate widely supported by the 140,000 integer mark. The main contract closed up 1.15% at 142,500, and the total positions decreased by 6,645 hands to 386,000 hands compared with the previous day. The ex - factory average price of 8 - 12% high - nickel pig iron rose by 5 to 1,033.5 yuan per nickel point again. The strong bullish sentiment in the pure nickel segment drove the nickel iron to rise, but the high cost reduced the downstream acceptance. The price of battery - grade nickel sulfate continued to fall by 600 to 32,750 yuan per ton. High prices led to insufficient pre - holiday stocking willingness of downstream, and the nickel salt price dropped from a high level. The MHP coefficient of intermediate products remained high, and the short - term market circulation was still limited. The news that Vale only had 30% of the approved quota for production demand further solidified the expectation of quota reduction. The nickel market has great upward elasticity, and subsequent attention should be paid to the Indonesian policy and the actual quota issuance rhythm [7]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - Nickel price trend: On the 22nd, the nickel price fluctuated widely supported by the 140,000 integer mark, with the main contract closing up 1.15% at 142,500, and the total positions decreasing by 6,645 hands to 386,000 hands compared with the previous day [7]. - Price changes of related products: The ex - factory average price of 8 - 12% high - nickel pig iron rose by 5 to 1,033.5 yuan per nickel point; the price of battery - grade nickel sulfate fell by 600 to 32,750 yuan per ton; the MHP coefficient of intermediate products remained high, and the short - term market circulation was still limited [7]. - Market influencing factors: The strong bullish sentiment in the pure nickel segment drove the nickel iron to rise, but the high cost reduced the downstream acceptance. High prices led to insufficient pre - holiday stocking willingness of downstream, and the nickel salt price dropped from a high level. The news that Vale only had 30% of the approved quota for production demand further solidified the expectation of quota reduction [7]. 3.2行业要闻 - PT Vale Indonesia's project progress: The HPAL Pomalaa project of PT Vale, Huayou, and Ford is accelerating. As of December 2025, the construction progress of the HPAL Pomalaa project has reached about 60%. Two autoclave equipment have arrived at the project site, and three other units are planned to be delivered later. The company aims to complete the mechanical completion of the HPAL Pomalaa factory by August 2026. PT Vale is the only nickel ore supplier for the HPAL Pomalaa factory [8]. - First Quantum Minerals Ltd.'s production and cost situation: In 2025, the company's copper production was about 396,000 tons, within the revised guidance range; the gold production was about 152,000 ounces, higher than the upper limit of the guidance; the Enterprise nickel production also exceeded expectations. The company slightly lowered the copper and gold production guidance for 2026 - 2027, mainly due to higher maintenance requirements at Sentinel and lower ore grades at Kansanshi. The nickel production guidance remained unchanged. The unit copper cash cost and AISC are expected to be higher than previously expected, and the 2026 capital expenditure guidance was raised because some investments originally planned for 2025 were postponed to 2026. The Panama government agreed to process the Cobre Panamá inventory ore, which is a positive signal for the project [10]. - Indonesia's nickel industry situation: The Indonesian Nickel Smelters Association expects the domestic nickel smelting industry's nickel ore demand in 2026 to be about 340 - 350 million tons. In 2026, the nickel ore production quota (RKAB) is expected to be strategically adjusted to 250 - 260 million tons. The existing quota is allowed to be extended until March 31, 2026, and the actual annual supply still depends on the later government assessment and quota addition [10].