While Cajamarquilla continued to deliver a stable output, the sequential volume was constrained by lower production at our Brazilian smelters and softer demand for zinc oxide. Financially, the operational performance translated into our strongest quarter of the year. We reported net revenues of $903 million and adjusted EBITDA of $300 million, with both metrics showing relevant improvement across all comparable periods. This was underpinned by higher realized prices for zinc and our key by-products, combine ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net revenues of $903 million, an 18% increase sequentially and a 22% increase year-over-year, driven by higher average metal prices and improved mining performance [16][5] - Adjusted EBITDA for Q4 reached $300 million, reflecting a 33% margin, with full-year adjusted EBITDA totaling $772 million, an 8% increase compared to 2024 [16][17] - Net income for the year was $223 million, or $1 per share, while free cash flow was negative $105 million due to debt reductions and dividends [7][20] Business Line Data and Key Metrics Changes - Zinc production in Q4 was 91,000 tons, a 9% increase from Q3, with full-year production totaling 316,000 tons, meeting guidance [8][6] - The mining segment generated net revenues of $532 million in Q4, with adjusted EBITDA of $266 million, resulting in a 50% EBITDA margin [9] - In the smelting segment, total metal sales were 142,000 tons for Q4 and 567,000 tons for the full year, with net revenues of $573 million in Q4 and $2 billion for the full year [13][14] Market Data and Key Metrics Changes - Zinc prices remained well-supported throughout 2025 due to persistent concentrate tightness and low LME inventories, with treatment charges in China averaging negative levels [23] - Copper prices appreciated in 2025 driven by supply discipline and sustained demand, particularly from electrification [24] Company Strategy and Development Direction - The company is focused on enhancing operational stability and cash generation, particularly through the Aripuanã project, which is expected to reach full capacity in 2026 [10][29] - The Cerro Pasco Integration Project aims for a life-of-mine extension of over 15 years, enhancing profitability and solidifying the company's presence in Peru [11][29] - The company is actively evaluating value-accretive opportunities, particularly in copper, as it aims to strengthen its balance sheet and reduce debt [29][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational stability and cash flow generation for 2026, despite potential challenges from the rainy season and political uncertainties in Peru [35][57] - The company remains committed to reducing gross debt and enhancing financial flexibility while maintaining a strong investment-grade rating [22][30] Other Important Information - The company reported a net debt reduction of $96 million, reflecting its liability management efforts [20] - The liquidity position remains robust, with total liquidity of $842 million, supporting financial commitments over the next five years [22] Q&A Session Summary Question: Impact of seasonal rains on Aripuanã production - Management indicated that the rainy season has not significantly impacted production, with expectations to reach full capacity in the second half of the year due to the installation of the fourth filter [34][35] Question: Consideration of additional silver streaming - Management confirmed that while they are aware of the interest in silver, they are not currently prioritizing additional silver streaming agreements [41][43] Question: Cash flow impact of Cerro Lindo silver stream - Management noted that the silver streaming agreement will step down from 65% to 25%, which will positively impact cash flow [46][47] Question: Update on Ayawilca project and Tinka Resources investment - Management stated that they are assessing the Ayawilca project following the disapproval of the environmental impact study and have decided not to pursue further investment in Tinka Resources at this time [54][55] Question: Current electoral environment in Peru - Management acknowledged the political instability but emphasized that the economic context remains strong and that relationships with local communities are stable [57][59] Question: Debt repayment plans for 2026 and 2027 - Management indicated that any excess cash generated will be used for dividends and debt repayment, with a focus on reducing debt [60][62] Question: Details on hedging program for silver and gold - Management confirmed a small portion of silver production has been hedged, with a floor around $52 and a cap around $84 [60] Question: CapEx for Cerro Pasco project - Management confirmed that CapEx for the Cerro Pasco project is on track, with expectations to spend around $42 million this year [68]

DENVER, CO / ACCESS Newswire / February 26, 2026 / Solitario Resources Corp. ("Solitario") (NYSE American:XPL)(TSX:SLR) is pleased to announce that the U.S Forest Service - Northern Hills District, has issued its Decision Memo for Solitario's Ponderosa drilling program in South Dakota. The Decision Memo documents the completion of the NEPA process for the project. ...

Edmonton, Alberta--(Newsfile Corp. - February 26, 2026) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") announces an update to the previously announced, oversubscribed financing to raise aggregate gross proceeds of approximately C$30.1 million (the "Offering") led by anchor investor Condire Investors, LLC.Despite continued demand and inbound interest to participate in this Offering, the Company appreciates the support and confidence in the business however, it will not ...

Highlights:NIV's initial drill program scheduled to begin in June. First phase between 4,000 and 8,000 metres of drilling. Multiple deposit-scale target areas outlined.Fully funded for 2026 with approximately $10 million cash. Centerra Gold and Teck Resources each own 9.9% of Metal Energy.Toronto, Ontario--(Newsfile Corp. - February 26, 2026) - Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) (the "Company" or "Metal Energy") is pleased to provide the following update on its 2026 exploration program at its f ...

C R E A T I N G A C O P P E R R O Y A L T Y C H A M P I O N F e b r u a r y 2 0 2 6 C S E | E V R C S E : E V R Cautionary Statements This confidential corporate presentation (the "Presentation") is a confidential document and is being provided to you by Evolve Strategic Element Royalties Ltd. (the "Company") solely for your information and may not be reproduced, in whole or in part, in any form or forwarded or further distributed to any other person. By accepting and reviewing this Presentation, you acknow ...

Vancouver, British Columbia--(Newsfile Corp. - February 25, 2026) - Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce additional assays from 25-3552-51 (initial assays announced 19-Jan-2026), plus results from two other holes drilled at its Ballywire discovery ("Ballywire") at the 100%-owned PG West Project ("PG West"), Republic of Ireland.Highlights:25-3552-51 - Extends previous interval announced on 19-Jan-2026, totalling 29.9m of ...

Core Insights - The analyst has over a decade of experience researching various industries, including commodities like oil, natural gas, gold, and copper, as well as technology companies such as Google and Nokia, and emerging market stocks [1] Group 1: Company Focus - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The preferred focus of the analyst includes metals and mining stocks, but there is also comfort in analyzing other sectors such as consumer discretionary/staples, REITs, and utilities [1]

Core Viewpoint - The Nifty IT Index is experiencing structural weakness rather than cyclical downturn, with significant concerns regarding its future performance [1][15]. IT Sector Analysis - The market reacts quickly to structural disruptions, similar to the Covid crash, leading to fear-driven repricing of IT stocks [2][15]. - Key concerns include elevated valuations based on long-term growth assumptions, structural AI disruption to traditional IT services, and technical breakdowns in large and midcap IT stocks [5][15]. - The Nifty IT Index has broken crucial support at 31,000, with potential downside targets of 28,400 and 26,000 over the next 12-18 months [6][15]. - Short-term rallies in IT stocks are expected to be sold into, indicating a lack of sustained recovery [7][15]. Market Overview - The Nifty may remain range-bound due to the heavy weight of IT stocks, despite strong domestic liquidity, including ₹30,000 crore monthly SIP inflows [8][15]. - Capital is rotating towards value themes, with a preference for sectors like PSU banks, PSU energy, and metals [9][15]. Sector Preferences - Preferred sectors include PSU banks, which are seen as proxies for the India value story, and energy-linked PSUs that could benefit from rising crude oil prices [10][12][15]. - Metal stocks are projected to have a 15-20% upside, while the broader PSU basket could deliver 25-30% gains [11][15]. - Stocks with PE multiples between 8 and 20 are attracting investment flows, indicating a shift towards value investing [11][15]. Investment Strategy - The current market environment is described as "bipolar," with IT and select heavyweights underperforming while value sectors are at or near lifetime highs [14][15]. - Investors are advised to avoid bottom-fishing in structurally weak sectors and focus on areas with positive momentum, favorable valuations, and strong liquidity [14][15].

PresentationNext up, we have Freeport. We will do this as a fireside chat. So if you do have questions, please send them in through the app. With us today is President and CEO, Kathleen Quirk. Kathleen, thank you for joining us today. And maybe to kick us off, I will turn it over to you for any opening remarks.Kathleen QuirkCEO, President & Director Great. Thank you. Thank you, Katja. It's great to be here. Happy 35th anniversary, BMO Conference. You guys have just knocked them out of the park every year, a ...